Apollo acquires real estate fund manager Bridge Investment Group

Global asset manager Apollo is acquiring real estate fund manager Bridge Investment Group for $1.5 billion (€1.43 billion) in the United States.

NYSE-listed Bridge shareholders will receive 0.07081 Apollo shares for each of their Bridge shares or units. The exchange is valued at $11.50 per Bridge share.

As part of the deal, Bridge CEO Bob Morse will join Apollo as a partner in its real estate equity business.

Founded in 2009, Bridge manages $50 billion in residential, industrial and other niche real estate assets across the US.

Apollo says the acquisition immediately broadens its real estate platform and increases its ability to develop new real estate and hybrid investment offerings.

The merger would elevate Apollo, currently ranked 27th with €68.4 billion in real estate assets, to 10th in the IPE Real Assets Top 150 Real Estate Investment Managers 2024 ranking, surpassing AXA IM Alts, which holds this position with €112.8 billion.

David Sambur, Partner and Co-Head of Capital at Apollo, said: “This transaction with Bridge is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale.”

“Their business will complement and further enhance our existing real estate capabilities, and we believe we can help scale Bridge’s offerings by leveraging the breadth of our integrated platform,” he said.

Bob Morse said in a statement that this transaction “will allow the Bridge and Apollo teams to build on the solid foundation that Bridge has built since 2009, as we work to drive significant value and impact for our investors and communities.”

Upon completion of the acquisition, Bridge will operate independently within Apollo, retaining its brand and team.