WASHINGTON (dpa-AFX) - Wednesday, UDR, Inc. (UDR) and Apollo Global Management, Inc. (APO) announced their plan to form a new, long-term joint venture, owning a portfolio of 19 high-quality communities totaling 7,059 apartment homes and valued at approximately $2.0 billion.
As per the terms of the deal, UDR will continue to operate and manage the portfolio for which it will earn an asset management fee.
Apollo-managed funds and affiliates will invest $1.34 billion of equity capital into a newly established joint venture, acquiring an approximate two-thirds interest. Meanwhile, UDR will retain a one-third interest and consolidate the joint venture.
Additionally, UDR will retain an option to repurchase Apollo's interest in the joint venture at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing.
The transaction is expected to close on October 29, 2026.
In pre-market hours, UDR was trading at $35.25, up 2.44 percent, and APO closed trading at $111.22, up 0.24 percent on the NYSE.
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