Apollo in multimillion Lisbon and Porto property portfolio acquisition 

 In News

Apollo is negotiating the purchase of 227 properties that Portuguese insurer Fidelidade has put up for sale.

Around 51% of the buildings are in Lisbon and 12 in Porto. The US asset management company was chosen to negotiate the sale process from a shortlist which included Oaktree Capital and Bain Capital.

A source at Fidelidade has said that the interested parties in the property portfolio, which had been put up for sale in October, had until November 17 last year to carry out a preliminary evaluation and present their purchase bids. The three competitors were chosen to present the bids with Apollo winning.

Apollo Global Management is a private equity firm founded in 1990 and specialises in leveraged buyout transactions and distressed securities involving corporate restructuring. It is based in New York and has offices in Hong Kong. 

Apollo has historically relied primarily on private equity funds involving committed capital from pension funds and insurance companies among others. Fidelidade is an insurance company.

Last year the insurer, owned by Chinese giant Fosun, were at the centre of a controversy after residents in two buildings in Rua do Forno do Tijolo in Lisbon joined forces to find a buyout solution to prevent them being evicted after the insurer issued an intent to sell 277 properties in its portfolio.

It is not clear if the current property portfolio sell-off of 227 properties includes the buildings in this dispute which now involves Lisbon City Council.

Fidelidade Companhia de Seguros, S.A, offers life and non-life insurance products and services in Portugal and internationally. The company was formally known as Companhia de Seguros Fidelidade Mundial S.A. and changed its name in 2012 and is now a subsidiary of Fosun International Ltd. 

Fosun International Ltd is a Chinese international conglomerate and investment company based in Hong Kong and Shanghai founded in 1992.