Apollo, Realty Income Strike $1B Net-Lease Partnership

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Apollo Global Management and Realty Income have formed a $1 billion net-lease partnership, with Apollo investing for a 49% stake in a joint venture owning approximately 500 single-tenant retail properties across the U.S. This deal targets a 6.875% unlevered IRR for Apollo, with Realty Income retaining operational control and a buy-back option. Both firms aim to scale this into a multi-billion-dollar co-investment platform.

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