Apollo completes latest fund managers' purchase.Apollo Real Estate Advisors announced that it has completed the acquisition of the funds management business of the Value Enhancement Funds series from Lend Lease Corporation This article is about the company. For the World War II program, see Lend-Lease. Lend Lease Corporation Limited is an Australian-based multinational property management and investment company. Limited. The Value Enhancement Funds are a series of closed-end, value-added real estate investment partnerships that have invested over $3 billion in U.S. real estate assets since their inception in 1993. The VEF VEF Vessel Experience Factor VEF Vivre En France (UK French property consultancy) VEF Variable Explanation Format VEF Calibrated Airspeed at which the critical engine of a multi-engine aircraft is assumed to fail (US FAA) Series is currently investing its fifth fund. Apollo's investment was made through VEF Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a venture that is owned by Apollo as well as principals of VEF Advisors. VEF Advisors, headquartered in Atlanta, is comprised of the team that previously managed the Value Enhancement Funds at Lend Lease. This management team, including James P. Ryan, B. Stanton Breon and Howard Huang, will continue to oversee the operations of the VEF Funds. Mr. Ryan and Mr. Breon will serve on the Board of Directors of VEF Holdings along with Lee Neibart and John Jacobsson, of Apollo. The Value Enhancement Funds will continue to operate separately from Apollo's opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. real estate investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company . "This is an exciting extension of Apollo's investment in the real estate funds management business," said Mr. Jacobsson. "We are already well established as an opportunistic fund manager, and this transaction allows us to access the value-added segment of the business by investing in a successful existing operation with a talented management team." James Ryan
"Apollo's experience and successful track record, both domestically and internationally, will provide an excellent complement to the VEF platform. Apollo is a private partnership established in 1993 as the real estate affiliate of the Apollo investment management organization. It is the General Partner of five private equity, real estate "opportunity" funds and two strategic joint ventures, aggregating $4.1 billion of equity capital. |
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