Apollo provides $585 million financing to The Executive Centre

Apollo ($APO)-managed funds, affiliates and other long-term investors provided $585 million of financing to The Executive Centre, a premium flexible-office operator in Asia-Pacific and the Middle East. The proceeds will primarily refinance existing debt and support further expansion of a network spanning more than 260 centers in 38 cities across 15 markets.

The transaction adds to Apollo’s regional hybrid-capital business and is separate from its financing arrangement with Bayer. The announcement describes capital provided through investment funds and partners, rather than $585 million of Apollo operating revenue or an acquisition of the entire office operator. Pricing, expected investment returns and the detailed division of funding among participating investors were not disclosed. Expansion benefits remain objectives for the financed business.

Sources:

• Apollo — Executive Centre financing