Abu Dhabi energy giant agrees $5.5bn real estate deal

Abu Dhabi energy giant agrees $5.5bn real estate deal

Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that it has entered into one of the region's largest real estate transactions, valued at $5.5 billion.

The long-term investment has been agreed with Apollo Global Management and its subsidiaries, one of the world's largest alternative investment managers, and a group of institutional investors.

The deal will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement.

ADNOC said in a statement that it will unlock new pools of global institutional long-term capital while supporting investment in its core business and strategic growth projects.

Apollo led a consortium of institutional investors in the acquisition of a 49 percent stake in Abu Dhabi Property Leasing Holding Company RSC Limited, a wholly owned affiliate of ADNOC.

ADNOC will retain a 51