Date of Initial Investment: 2003
Business Description: Formed in 2003 as a German real estate investment and operating platform with the goal of becoming the leading turnaround operator in German real estate, concentrating on undervalued assets with turnaround potential and select property developments. Since inception, apellas has invested in over 65 properties. The apellas platform also invested in GAGFAH, a residential REIT in Germany, along with a strategic partner. At the time of acquisition of the GAGFAH interest, the REIT owned and operated approximately 160,000 residential units.