Apollo Commercial REIT Sells $9 Billion Book to Insurance Arm

A property lender managed by Apollo Global Management Inc. agreed to sell its portfolio to the buyout firm’s insurance arm after the publicly listed real estate investment trust consistently traded below its book value.

Apollo Commercial Real Estate Finance, also known as ARI, is selling its $9 billion loan book to Athene Holding for a purchase price based on 99.7% of loan commitments, according to a statement Wednesday.