Apollo completes latest fund managers' purchase.
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 Series is currently investing its fifth fund.
Apollo's investment was made through VEF Holdings, LLC, 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 real estate investment funds.
"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, CEO of the new platform added: "We are delighted to have completed this process with such a strong partner.
"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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|Title Annotation:||Finance Real Estate; Apollo Real Estate Advisors L.P.; Lend Lease Corporation Ltd.|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Apr 14, 2004|
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