NEW YORK, Oct. 28 /PRNewswire/ -- Apollo Real Estate Advisors today announced that it will change its name to AREA Property Partners effective January 15, 2009. Its new name formalizes the firm's independence and marks a new chapter in its history, the firm said.

AREA Property Partners was founded fifteen years ago by William Mack and Leon Black, operating as an independent real estate fund manager, with separate funds and professional staff. Until 2000, the firm was affiliated with Apollo Global Management, LLC.

AREA Property Partners said that this name change will have no effect on its management, financial resources, investing focus, or business operations. AREA Property Partners will continue to be located at its current global headquarters in the Time Warner Center in New York City with six other offices in the U.S., Europe and India. AREA Property Partners also will continue to be owned and controlled by its principals, who include William Mack, Lee Neibart, William Benjamin, John Jacobsson, Stuart Koenig and Richard Mack.

"We are celebrating our milestone 15th year at AREA Property Partners and, importantly, we have far exceeded the expectations we set for ourselves back in 1993," said William Mack, Founder and Senior Partner. "We have enjoyed a constructive relationship with Apollo Global Management and look forward to continuing our global real estate investment activities, which collectively have included over 450 transactions with an aggregated value in excess of $40 billion."

AREA Property Partners Senior Partner Lee Neibart said, "Our funds target a broad range of direct equity and debt investments in real estate assets and portfolios. We will continue to strive for attractive risk-adjusted returns for our investors as we expand both our product offerings and geographic footprint in the years ahead."

Although separate from Apollo Global Management, LLC, until now AREA Property Partners had continued doing business as Apollo Real Estate Advisors. The name change to AREA Property Partners is being made as recently agreed by the firms.

Apollo Global Management, LLC will continue to build its entity and portfolio-focused real estate business as part of its integrated platform, which has included its investments in Vail Resorts, Innkeepers Hospitality and other significant lodging firms, Harrah's Entertainment, Realogy, WMC Mortgage and various distressed debt investments. As noted in public filings, AREA Property Partners' businesses are not part of the holding company whose shares currently are being registered by Apollo.

About AREA Property Partners

AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm's founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $11.6 billion in equity commitments for investment in the United State and globally. Its funds have collectively invested in over 450 transactions with an aggregated value in excess of $40 billion. The firm has offices in New York City, Chicago, London, Los Angeles, Luxembourg and Mumbai.

SOURCE Apollo Real Estate Advisors