UDR, Apollo form $2.0 billion strategic partnership
UDR•UDR and Apollo formed a $2 billion joint venture to own 19 communities. Apollo will invest $1.34 billion for a two-thirds interest, while UDR will retain one-third and consolidate the venture.
1. Joint venture details
The joint venture will own 19 communities valued at $2 billion. Apollo will invest $1.34 billion for a two-thirds interest, and UDR will retain a one-third interest and consolidate the venture. UDR retains an option to repurchase Apollo’s interest at a fixed return of 7.00% to 7.50%. The companies expect the transaction to be accretive to earnings.
