(RTTNews) - Apollo Global Management, Inc. (APO) said on Wednesday that Apollo-managed funds have acquired Gatehouse Living Group, a vertically integrated UK residential investment and management platform, from Gatehouse Bank.
Financial terms of the transaction were not disclosed.
Gatehouse Living Group comprises its investment arm, Gatehouse Investment Management, and its property management arm, Ascend Properties. Together, the group offers institutional investors end-to-end capabilities for sourcing, developing, and managing newly built single-family rental homes.
Apollo said the business will continue to be led by Chief Executive Officer Paul Stockwell and its existing management team, and will be rebranded at a later date.
The group noted that it will invest its own capital alongside that of third-party partners, while Ascend will continue to provide property management services for external institutional portfolios.
Apollo added that the investment builds on its existing exposure to the UK housing sector, including affiliate platform Foundation Home Loans, a specialist mortgage lender, and portfolio company Miller Homes, one of the UK's largest homebuilders.
On Tuesday, Apollo shares closed at $111.42, up 1.34%.
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