Apollo Global Real Estate Management, the alternative asset manager, has received the go signal to launch an Asia-Pacific office in Hong Kong.

Apollo Global Real Estate Management Asia Pacific will oversee all investor relations and investment management activity across Asia and Australia, including sourcing and underwriting investment opportunities, the company said in a statement. It will be headed by real estate veteran Grant Kelley, who is the founder and chief executive officer of Holdfast Capital. The Holdfast team will also be joining AGREAP.

The new company will focus on investment activities in Australia, Japan and South Korea, particularly on distress-driven themes, such as non-performing loans, real estate operating companies, real estate investment trust recapitalisations, and distressed individual assets, with values ranging from $100 million to $500 million. The firm said it will also be tapping the Chinese and Indian markets in the future.

The launch happens at a time when many of Asia's property markets are booming, but the company said it is looking to start with the more subdued economies before heading off to the more major ones.