Apollo Global Real Estate Management is selling its controlling stake in five office towers located in Manila, Philippines. The towers listed for sale include commercial properties developed by popular construction firm, The Net Group,in the business district of Bonifacio Global City.
According to Bloomberg, Apollo group is selling the offices as demand for commercial office space is set to accelerate in the coming few months. The increased demand comes as the outsourcing industry is continuously expanding in the island nation.
The five office towers for sale are, The Net Square, the Net Cube, The Net Quad, the Net Plaza and the Net One Center. All the towers are completely leased and are home to offices of affluent tenants like Accenture, JP Morgan Chase, Deutsche Bank and HSBC. All combined, the towers take up a square footage of 1.6 million square feet.
Details of the deal are yet unknown as the subject is still a private matter.
Apollo Global Real Estate is a subsidiary of investment firm, Apollo Global Management LLC. Its total asset value is around $49 billion.
Apollo real estate will start trading ex-dividends Tuesday, March 26. An ex-dividend is a trading share that belongs to the seller rather than the buyer. Shareholders who purchased Apollo real estate stock before the ex-dividend date will be eligible for a cash dividend payment of $0.4 per share slated to be delivered on April 12, reports NASDAQ.
Shares of Apollo slumped 5.4 percent after its last sale on Monday, March 25. Its forecasted earnings growth is determined to be around 4.4 percent for 2013.
While Zacks, an investment research firm, downgraded the shares of the company stating that the stocks were underperforming, some other agencies have rated its shares as "sell" or "hold". On an average, Apollo real estate's shares have been given an average consensus rating of "Hold", reports Zolmax News.