Apollo Global Real Estate Establishes Asia/Pacific Investment Unit to be Headed by Grant Kelley

Apollo Global Real Estate Management, L.P., a subsidiary of Apollo Global Management, LLC (together with its subsidiaries, “Apollo”), has announced the formation of Apollo Global Real Estate Management, Asia Pacific Limited (“AGREAP”), which will be headed by real estate investment veteran Grant Kelley upon obtaining customary regulatory approvals. Mr. Kelley will be based in the new firm’s Hong Kong headquarters and will oversee all investor relations and investment management activity across Asia and Australia, including sourcing and underwriting investment opportunities.

Mr. Kelley has more than 20 years of global experience in corporate strategy and real estate private equity investing throughout Asia, Australia, the United States and the United Kingdom. He has an extensive track record of establishing and building successful real estate private equity platforms in Asia on behalf of Colony Capital, where he was Chief Executive Officer of Colony Capital Asia until late 2008.

After leaving Colony Capital, Mr. Kelley founded Holdfast Capital Limited, and as CEO he assembled a team of top investment professionals to make private equity real estate investments across Asia. The Holdfast team, comprising an additional seven professionals, will also be joining AGREAP.

“We are very pleased that Grant and his team will be joining us, to strengthen our presence in the Asia Pacific markets and bolster our investment capabilities in the region on behalf of our clients,” said Joe Azrack, Managing Director and Head of Apollo Global Real Estate Management. “Grant will add a wealth of expertise and proven abilities to our organization.”

At the outset, the new firm expects to focus its investment activities in Australia, Japan and South Korea – seeking opportunities within the following distress-driven investment themes: (i) non-performing loans (“NPLs”), (ii) real estate operating companies (“REOCs”) / real estate investment trust (“REIT”) recapitalizations, and (iii) distressed individual assets, with enterprise values between US$100 million and US$500 million. AGREAP also plans over time to be a major participant in the creation of real estate investments in the rapidly expanding growth economies of Asia, including China and India.

About Apollo

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Hong Kong and Mumbai. Apollo had assets under management of more than $51 billion as of September 30, 2009, in private equity, credit-oriented capital markets and real estate invested across a core group of nine industries in which Apollo has considerable knowledge and resources.

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