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Apollo takes minority stake in Aldar Properties real estate platform

DUBAI (Reuters) - Apollo Global Management (NYSE:APO) Inc, a manager of alternative assets, has acquired a minority stake in a subsidiary of Abu Dhabi developer Aldar Properties,...
Apollo takes minority stake in Aldar Properties real estate platform © Reuters. Buildings are pictured at Abu Dhabi commercial center, implemented by Aldar, in Abu Dhabi October 27, 2013. REUTERS/Ben Job

DUBAI (Reuters) - Apollo Global Management (NYSE:APO) Inc, a manager of alternative assets, has acquired a minority stake in a subsidiary of Abu Dhabi developer Aldar Properties, the companies said, part of a larger deal announced in February.

Apollo, through its managed investment vehicles, has taken an 11.1% stake in Aldar Investment Properties (AIP), the developer's real estate investment platform, in a transaction valued at $400 million, they said in a joint statement on Wednesday.

Apollo and Aldar said the deal was part of a previously announced $1.4 billion investment by Apollo into Aldar in February.

"By providing significant financial backing, the transaction is a catalyst for AIP to significantly scale up its real estate platform through further transformative acquisitions," the statement said on Wednesday.

AIP in July revealed it had acquired four prime commercial towers in Abu Dhabi Global Market, Abu Dhabi's financial centre, for 4.3 billion dirhams ($1.2 billion).

($1 = 3.6727 UAE dirham)

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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