Apollo Commercial REIT Sells $9bln Loan Portfolio to Athene for 99.7% of Commitments

Apollo Commercial Real Estate Finance, Inc. has entered into a definitive agreement to sell its $9 billion commercial real estate loan portfolio to Athene Holding Ltd. for 99.7% of total loan commitments, net of reserves. The sale will enable ARI to refresh its strategy and validate the book value per share of its common stock. The transaction is expected to be completed following the repayment of ARI's financing facilities and other indebtedness.