Alternative investment firm Apollo Global Management Inc. has purchased 34 U.S. automotive and motorcycle dealership properties from Capital Automotive Real Estate Services Inc. in a deal valued at $585 million.
A spokesman for Brookfield Property Partners, a publicly traded real estate company that owns Capital Automotive Real Estate Services, confirmed the sale to Automotive News. The spokesman declined further comment.
The transaction closed in the third quarter, and Haig Partners, a Fort Lauderdale, Fla., buy-sell firm, was financial adviser to Apollo, said Alan Haig, president of Haig Partners.
"Real estate is one of the biggest components of value in auto retail, and this purchase of dealership properties represents one of the largest transactions in our industry's history," Haig said in a statement.