Grant Kelley in new Asia property venture

New York-based Apollo Global Management has formed Apollo Global Real Estate Management, Asia-Pacific (AGREAP) in Hong Kong and appointed property investment veteran Grant Kelley to run it. A source close to the firm says it aims to raise $500 million to $1 billion by the second half of the year and will take an "opportunistic" approach, targeting 20%-plus returns. Kelley will oversee all investor relations and investment management activity across Asia and Australia, including sour…