The New York City-based global alternative asset manager Apollo (NYSE: APO) announced that Apollo-managed funds have acquired Gatehouse Living Group (GLG), a vertically integrated UK residential investment and management platform, from Gatehouse Bank.
The financial terms of the deal were not disclosed. The acquisition encompasses the GLG’s investment arm, Gatehouse Investment Management, and its property management arm, Ascend Properties.
“GLG has led the growth of institutional rental housing, creating a prominent platform that strategically supports the sector and accelerates the delivery of much-needed high-quality housing throughout the UK,” said Paul Stockwell, CEO of GLG, who will continue to lead the company. “This transaction with Apollo is a testament to the strength of our holistic investment and property management platform and will support our continued expansion in the market.”
“GLG, under Gatehouse Bank’s stewardship, has established itself as a vertically integrated leader in the UK housing sector, supporting the supply of high-quality, professionally managed rental homes,” said Edward Jones, partner at Apollo. “We look forward to working closely with management to further enhance and expand its operational capabilities and to supporting the platform’s continued success as the UK focuses on bolstering homebuilding across tenures and attracting more investment to the sector.”
Photo: Apollo’s Edward Jones
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