Sidley Austin, Clifford Chance, and Fried Frank advised on Athene’s US$9 billion acquisition of Apollo Commercial Real Estate Finance’s (ARI) loan portfolio.
Athene Holding Ltd has entered into a definitive agreement to acquire the approximately US$9 billion commercial real estate loan portfolio of Apollo Commercial Real Estate Finance, Inc. (ARI), at a purchase price based on 99.7% of total loan commitments.
Following the repayment of ARI’s financing facilities and other indebtedness, as well as transaction expenses, ARI expects to receive approximately US$1.4 billion in cash. ARI will also retain substantially all of the net equity interests in the underlying real estate properties, valued at approximately US$446 million as of September 30, 2025. The transaction represents a significant portfolio repositioning for ARI and a strategic expansion of Athene’s real estate credit platform.
Sidley Austin LLP represented Athene Holding Ltd on the transaction.
The team included Partners Perry Shwachman, Jonathan Blackburn, Paige Levitt, and Bonnie Neuman.
Clifford Chance advised Apollo Commercial Real Estate Finance, Inc. On the sale of its commercial real estate loan portfolio.
The team was led by Partners Chang-Do Gong, and Andrew Epstein, along with Senior Counsel Jay Bernstein.
Fried, Frank, Harris, Shriver & Jacobson LLP acted as independent legal advisor to the special committee of Apollo Commercial Real Estate Finance, Inc.
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