Apollo Realty Income Solutions Acquires First Property
January 10, 2023 | SEC
Global asset manager Apollo Global Management, through its newest U.S. real estate fund, has acquired a newly constructed cold storage facility in Columbus, Ohio.
On January 5, 2023, Apollo Realty Income Solutions, Inc. acquired a fee simple interest in a newly constructed, approximately 165,000 square foot cold storage facility located adjacent to the Rickenbacker Airport in Columbus, Ohio (the “Rickenbacker Property”). The Rickenbacker Property was acquired from an unaffiliated third party for approximately $49.5 million, exclusive of closing costs. The Company funded the acquisition of the Rickenbacker Property with cash on hand. Construction of the Rickenbacker Property was completed in December 2022. The Rickenbacker Property is 100% leased to SK Food Group, a custom food manufacturer with facilities across North America. The initial annual rent is approximately $3 million, with 3.25% annual rent escalations. The lease is guaranteed by SK Food Group’s parent company, Premium Brands Holdings Corporation (TSX: PBH), and expires in February 2038, with two five-year renewal options.
