(RTTNews) - Apollo Global Management, Inc. (APO) on Monday said Apollo-managed funds have agreed to acquire the Interiors Business Group of Forvia SE in a carve-out transaction.
(RTTNews) - Apollo Global Management, Inc. (APO) on Monday said Apollo-managed funds have agreed to acquire the Interiors Business Group of Forvia SE in a carve-out transaction.
Canada’s BGO sold a large office building in central Tokyo at a profit to a local condominium developer that aims to convert the property to luxury apartments, tapping demand from wealthy home buyers. The Tokyo-based developer Goldcrest Co. spent about ¥100 billion ($628 million) to acquire Pasona Square in the capital’s fashion boutique-filled neighborhood of Aoyama. The 18-story building was ori...
Canada’s BGO sold a large office building in central Tokyo at a profit to a local condominium developer that aims to convert the property to luxury apartments, tapping demand from wealthy home buyers. The Tokyo-based developer Goldcrest Co. spent about ¥100 billion ($628 million) to acquire Pasona Square in the capital’s fashion boutique-filled neighborhood of Aoyama. The 18-story building was originally the headquarters for the Japanese entertainment production company Avex Inc., which sold the property to BGO in 2021 for around ¥70 billion. Real estate prices have soared in Japan as investors from both Japan and overseas rush to buy properties that are still considered relatively affordable. Goldcrest plans to eventually convert the office building to condominiums, reflecting the higher profits that developers may be able to earn from residential properties. That’s partly because in an inflationary economy it’s considered easier to pass on increased construction and labor costs to consumers rather than corporate clients. Registration records show that Goldcrest acquired the building on March 25 from a limited liability company established by BGO. The Canadian real estate fund bought the property from Avex as music performance revenue tumbled because of the Covid-19 pandemic. BGO didn’t reply to an email seeking a comment. A spokesperson for Goldcrest declined to comment. Read more: Tokyo Condo Prices Fall Two Months in Row in Sign Boom May Fade
ismagilov/iStock via Getty Images Performance Discussion Our portfolio underperformed the ICE BofA US High Yield Index during the quarter. Across asset types, the primary detractors were security selection within the corporate bond component as well as the portfolio's exposure to bank loans, which underperformed the high yield bond benchmark. These effects were partially offset by the portfolio's ...
ismagilov/iStock via Getty Images Performance Discussion Our portfolio underperformed the ICE BofA US High Yield Index during the quarter. Across asset types, the primary detractors were security selection within the corporate bond component as well as the portfolio's exposure to bank loans, which underperformed the high yield bond benchmark. These effects were partially offset by the portfolio's small exposure to post-reorg equities. By rating, the portfolio benefited from its exposure in unrated debt, while the primary detractors included security selection in B-rated debt, as well as an overweight to and selection within CCC-rated credit. From a sector perspective, the primary contributors included security selection within media and services, while the most notable detractors were the portfolio's exposure and selection in insurance (specifically, insurance brokers) and an underweight in energy. Investing Environment Volatility rose across asset classes during the quarter, driven by a combination of geopolitical conflicts, artificial intelligence (AI)-driven disruption fears and private credit concerns. The S&P 500® Index declined 4.3%, led by a significant compression in multiples among software companies; at the end of the quarter, the software segment of the S&P 500® Index was trading at multiples last seen in late 2022 and early 2023. While Treasury yields initially fell in January and February, they jumped sharply in March after the onset of the conflict in Iran. A shock in commodity prices contributed to investors reassessing the path forward for monetary policy, with investor expectations of 2026 rate cuts replaced with the potential for rate hikes—putting upward pressure on Treasury yields. Relative to equities, credit markets meaningfully outperformed. Both the high yield bond market (as measured by the ICE BofA US High Yield Index) and bank loan market (as measured by the S&P UBS Leveraged Loan Index) returned -0.5%, driven by spread widening, particula...