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Apollo has struck a deal to buy Bridge Investment Group in an all-stock deal worth around $1.5 billion. Bridge oversees $50 billion in assets, with a focus on residential and industrial properties. The deal will nearly double Apollo’s real estate holdings, pushing them past $110 billion.

Bridge stockholders will receive 0.07081 shares of Apollo stock for each of their shares at $11.50 per share. Post-deal, Bridge will run as its own platform under Apollo’s asset management umbrella, keeping its brand and leadership intact. The deal is expected to be immediately accretive to Apollo’s fee-related earnings upon closing.