Apollo and Realty Income Establish Strategic Partnership

Paul, Weiss is advising Apollo Global Management on its strategic partnership with Realty Income Corporation, a full-service real estate capital provider with a portfolio of over 15,500 properties in the U.S., UK and Europe. Under the agreement, Apollo-managed funds and affiliates will invest $1 billion in Realty Income to acquire a 49% interest in a new joint venture that’s expected to own a diversified portfolio of single-tenant retail properties subject to long-term net leases. The transaction is expected to close on March 31, subject to customary closing conditions.

The Paul, Weiss team is led by partners Joseph Glatt, Harris Freidus, Matthew Dulak and Nadeem Waeen, and includes corporate partners Christodoulos Kaoutzanis and Elizabeth Scherer; and tax partners Brad Okun and Sohail Itani.