ADNOC closes $5.5bn real estate partnerhsip with Apollo-led consortium

  • Date: 29-Sep-2020
  • Source: Mubasher
  • Sector:Real Estate
  • Country:UAE
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ADNOC closes $5.5bn real estate partnerhsip with Apollo-led consortium

29 September 2020 03:46 PM





























UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has closed its $5.5 billion real estate investment partnership with entities owned and/or advised by New York-headquartered Apollo Global Management's subsidiaries and a group of institutional investors, according to Reuters.





The closing will lead to a $2.7 billion combined investment in select ADNOC real estate assets by the Apollo-led consortium, ADNOC announced in a statement on Tuesday.





The consortium owns a 49% stake in Abu Dhabi Properly Leasing Holding Company, a wholly-owned affiliate of ADNOC, while ADNOC holds the majority remaining stake.





It is noteworthy to mention that in early September, a consortium led by New York-headquartered Apollo Global Management reached a long-term strategic agreement with ADNOC to invest in some of ADNOC's real estate assets worth $5.5 billion.