Apollo nears deal to buy £400m real estate portfolio from Aviva

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real estate2_lrgPrivate equity firm Apollo Global Management is reportedly nearing a deal to buy £400m worth of distressed UK property holdings from insurance group Aviva.

Apollo has emerged as the preferred bidder for the assets after fighting off competition from other bidders including fellow private equity firms, said the FT, citing people familiar with the matter.

No deal has been sealed and the acquisition is subject to due diligence, said the sources.

Aviva has put around 135 assets including commercial and retail properties on the block.

Earlier this year Apollo backed portfolio company Athene Holding’s purchase of Aviva’s US annuity and life insurance operations.

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