Capital Solutions | Case Study
Vonovia: Transformative Capital Solutions in Europe
Apollo’s ongoing capital partnership with Vonovia demonstrates our ability to provide scaled, bespoke solutions to support the strategic objectives of our closest corporate relationships.
Vonovia is a leading global residential real estate company with an €82.9 billion portfolio of approximately 600,000 apartments in Germany, Sweden, and Austria. The company has turned to Apollo on three occasions to date for bespoke equity financing solutions totaling approximately €3 billion.
In October 2024, Apollo announced an agreement for Apollo affiliates and other long-term investors to provide c. €1 billion to acquire a minority stake in one of Vonovia’s affiliates in a structured equity transaction. In 2023, Apollo completed two €1 billion transactions related to real estate portfolios in Southwest Germany and Northwest Germany, which allowed Vonovia to optimize its balance sheet and provided proceeds to pursue corporate growth initiatives.
We believe we are uniquely positioned to serve the needs of large, high-quality corporates and retirement services companies, and have originated over $100 billion of bespoke capital solutions under our High-Grade Capital Solutions strategy since 2020 for companies including Intel, Sony, Air France-KLM, bp, AB InBev and more.
All information as of June 30, 2025, unless otherwise indicated.
“Vonovia is another example of Apollo’s ability to commit its capital resources and provide bespoke, scaled solutions to our closest corporate relationships around the world.” – Jamshid Ehsani, Partner and Head of Global Principal Structured Finance
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Watch the video to learn how Apollo’s bespoke capital solutions helped Vonovia to optimize its balance sheet.
Jamshid Ehsani, Partner, Head of Global Principal Structured Finance: Every time we do a transaction and provide a solution to a corporation, we really get married to them.
Rolf Buch, CEO, Vonovia: Vonovia is the biggest landlord in Europe. We have close to 600,000 apartments and 1.5 million people are living in our apartments. We have seen significant interest rate hikes in Europe, and this puts pressure on all real estate companies, especially on the valuation side.
Leslie Mapondera, Partner, Co-Head of European Credit: We were able to deliver to them minority equity capital attached to different parts of their portfolio, at a cost of capital that was in the mid-single digit range.
Jamshid Ehsani: This transaction landed in the form of IFRS equity that allowed them to optimize their balance sheet by reducing their leverage.
Rolf Buch: With the Apollo solution, it was possible for us to keep the assets under our management and gives us the opportunity to manage our balance sheet with less pressure.
Leslie Mapondera: We were able to do was work with them over a relatively short period of time to structure a transaction that delivered to them long-term, low-cost equity capital.
Rolf Buch: We built up a personal relationship beforehand, which was very important because in a deal like this, this is complex.
Jamshid Ehsani: The first transaction that we did with them was in 2023, followed by two other consecutive transactions. We work with the company to design a solution that is really needed by the company as opposed to selling a product.
Rolf Buch: We found working with Apollo, they are very much dedicated to deliver success. You need people who know what they are doing. You need people who know the specialties.
Leslie Mapondera: That real understanding of the client need, that real understanding of the market is what really makes our solutions preferable.
Rolf Buch: Apollo is a very strong partner, very powerful, reliable. You can call them in the night. You can call them in the day. Wherever they are, they are available.
Jamshid Ehsani: We are not in a rush to do a transaction. We understand the client’s issues and we design solutions that are bespoke to the client’s needs. We believe Apollo is well positioned to be a leading capital provider for Europe.
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