Profimex Israel recruited investors for Apollo Real Estate Fund's new $600 million fund.
Profimex Israel, the local representative of Apollo Real Estate Fund, is investing in Apollo's fund and latest financing round. Profimex has brought in Israeli investors to Apollo. All the Israeli investors who participated in Apollo's previous fund are investing in the current fund. New Israeli investors are also participating.
Apollo recently raised a $600 million fund, following the success of its previous international fund. The previous fund has been fully invested: 95% in European real estate and 5% in Japan. Apollo's $2.5 billion portfolio mainly comprises previously poorly managed properties and large single properties.
Profimex was forced to turn away investors, due to the large number of investors from across the world for Apollo's fund. Israeli investors were recruited in two ways: direct investors in the fund, including investment institutions, companies, and private investors; and through cooperation with Bank Leumi (TASE: LUMI) private banking.
Published by Globes [online], Israel business news - www.globes.co.il - on April 10, 2005