Italy’s ENPAM Sells RE Portfolio to Apollo European Principal Finance Fund III

Posted on 08/05/2021

Apollo European Principal Finance Fund III is a fund managed by affiliates of Apollo Global Management, Inc. Apollo European Principal Finance Fund III entered into a definitive agreement with the Italian pension fund Fondazione Ente Nazionale di Previdenza ed Assistenza dei Medici e degli Odontoiatri (ENPAM) to acquire ENPAM’s directly owned portfolio of real estate assets for €842 million.

The sold portfolio comprises 68 commercial and residential assets, including hotel, retail, logistics and parking assets primarily located in the economic hubs of Rome and Milan.

“We are pleased to reach this agreement with Apollo to help deliver on our primary objective of providing retirement income to ENPAM pensioners”, said Chairman of the pension fund Alberto Oliveti in a press release. “As we prepare to reach the peak of retirement for our members, this divestment allows us to realize important savings and to allocate the proceeds towards diversified, mission-related investments that will offer adequate reserves and returns to meet our commitments. We look to the future with even greater peace of mind”.

Apollo’s European Principal Finance business is the second largest, closed-end fund franchise within Apollo, following only the flagship private equity funds, with US$ 7 billion of assets under management as of June 30, 2021.

Advisors to the Apollo Funds in this transaction included Realty Partners, with the support of JLL and Conio, as commercial advisors; Lazard as financial advisor; Belvedere Inzaghi as legal diligence advisor; BonelliErede and Vinson & Elkins as transaction counsel; and BonelliErede for tax advisory.

Duff & Phelps acted as an independent evaluator and Deloitte Financial Advisory acted as financial advisor to ENPAM. Angelo Piazza, Luca Leone and Paola Conio acted as legal counsel and Stefano Petrecca (CBA) as tax advisor to ENPAM.

The transaction is expected to close by year end.

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