Abu Dhabi – Mubasher: Apollo has acquired an 11.10% minority stake in Aldar Investment Properties (AIP), a subsidiary of Aldar Properties, through its managed investment vehicles.
Apollo completed the equity sale transaction at a total value of $400 million, according to a bourse filing.
Meanwhile, the transaction included the issuance of $400 million common equity in addition to 100% mandatory convertible preferred equity of net asset value (NAV) into Aldar Investment.
The acquisition came in line with Apollo’s $1.40 billion investment in Aldar’s transformational growth initiatives last February.
Scott Kleinman, Co-President of Apollo, said: “This transaction provides Apollo with exposure to prime institutional real estate in the UAE through a high-quality platform.”
Last March, Aldar Investment issued subordinated perpetual notes worth $500 million to Apollo.
During the first half (H1) of 2022, the net profits attributable to the shareholders of Aldar Properties jumped to AED 1.47 billion from AED 1.06 billion in the year-ago period.
