Apollo Global Management managing director Roger Orf this week said his firm’s recent £500m spending spree was a bet on the bottom of the European property market.
Orf, the former Goldman Sachs man charged with bringing the American bank to Europe in the 1990s, said Apollo’s recent investment activity was an indication of his sentiment in relation to the real estate sector in Europe.
He said: “We have invested £500m of equity across Europe in the past six months, which is a bet on the bottom.
“It is still too tough to point to anything too specific, but there is a general improvement across Europe.
“It will take time, but I predict that in two years things will be better in the region. In four years we will be back to a decent return on investment.”
Last month Orf was announced as the new European chairman of the Urban Land Institute.
emily.wright@estatesgazette.com
