The head of the US real estate investments in the private-equity giant Apollo Global management have left the company after a period when the team made some real estate investment property.
Raymond Mikulich, previously co-head of real estate investments in Lehman Brothers, recently left Him, according to a spokesman for Apollo. He was appointed as the head of Apollo’s real estate, North America, in September 2010.
His departure comes at a time when Apollo has made a number of new property investment, leading the company to start scaling back of real estate personnel in New York and Los Angeles, said people familiar with the problem.
Apollo’s real estate group in July entered a joint venture with Driftwood hospitality management to obtain and change the image of the hotel, and in the process to gain by other partners at Novotel New York Times Square Hotel. But it hasn’t done a lot of transaction t the prominent over the past year.
Real estate group led by Joseph Azrack, who joined the Apollo from Citigroup in 2008. In 2010, He earned about $ 3.5 billion in assets the property of Citigroup unit real estate which is run by Mr. Azrack. The acquisition is approximately three times that of Apollo’s property assets under management. From September, Apollo reported that $ 4.9 billion of real estate assets.