Apollo Global buys JP Morgan’s India realty platform
Apollo Global Management has acquired global financial services major JP Morgan’s real estate fund management platform in India.
The platform comprises two funds of vintage 2007 and 2014 with aggregate assets under management of about $300 million.
These funds have 14 investments across six cities and 10 joint venture partners including Hiranandani Group, Assetz Property, Kolte-Patil Developers, Sheth Developers, Aparna Group, Kanakia Group and Vaswani Builders. It also owns the recently-opened Renaissance Marriott hotel in Bengaluru.
the transfer, a few of JP Morgan’s members handling real estate fund management platform in India would be integrated into Apollo Global’s on-ground team. The newly created joint platform will be led by Nipun Sahni, who currently heads Apollo Global’s India real estate business.
The deal is the largest transfer of a fund manager in the Indian real estate industry.