ADNOC considers stake sale in $5bn of properties

SourceGulf Business
SectorEconomy
CountryUnited Arab Emirates

Abu Dhabi National Oil Co. (ADNOC) is exploring the possibility of selling a stake in its real estate portfolio, the latest effort by the state-owned energy producer to raise funds and attract foreign investors. Initial estimates value the properties at about $5bn, according to people familiar with the matter, who asked not to be identified because talks are private. The plan is in its inception stage and could still change, they said. ADNOC declined to comment. A potential deal could be structured along the same lines as the energy firm’s sale of a $10.1bn stake in its natural-gas pipelines last month, the people said. In that transaction, ADNOC sold a 49 per cent holding in a new subsidiary housing the assets to a group of investors including Global Infrastructure Partners, Brookfield Asset Management Inc., Ontario...read more...