March 28, 2014 / 6:11 PM / 3 years ago

Germany's TAG sells commercial real estate business to Apollo

FRANKFURT (Reuters) - Germany’s TAG Immobilien (TEGG.DE) agreed to sell the bulk of its commercial real estate business to Apollo Global Management (APO.N) in a deal worth 297 million euros ($408 million) as it seeks to focus on residential properties.

Apollo European Principal Finance Fund II, a fund affiliated with Apollo, will pay about 130 million euros in cash and assume loans worth 167 million, TAG said on Friday.

TAG said it expected to generate a small book profit from the deal, which is due to close in the second quarter. It said it was keeping a 20 percent stake in the business, called TAG Gewerbeimmobilien.

($1 = 0.7271 Euros)

Reporting by Maria Sheahan; Editing by Erica Billingham

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