Stock Market News

Apollo takes minority stake in Aldar Properties real estate platform

2022.08.17 17:53

Apollo takes minority stake in Aldar Properties real estate platform
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)

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 69,646.66 0.20%
ethereum
Ethereum (ETH) $ 2,503.41 0.24%
tether
Tether (USDT) $ 0.99985 0.02%
bnb
BNB (BNB) $ 575.93 0.40%
solana
Solana (SOL) $ 166.88 0.07%
usd-coin
USDC (USDC) $ 1.00 0.05%
xrp
XRP (XRP) $ 0.512743 1.93%
staked-ether
Lido Staked Ether (STETH) $ 2,502.48 0.26%
dogecoin
Dogecoin (DOGE) $ 0.160108 1.00%
tron
TRON (TRX) $ 0.167457 0.10%
cardano
Cardano (ADA) $ 0.357936 3.07%
the-open-network
Toncoin (TON) $ 4.94 1.53%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,958.73 0.08%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 1.76%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,428.60 0.11%
avalanche-2
Avalanche (AVAX) $ 24.76 0.76%
weth
WETH (WETH) $ 2,502.56 0.31%
chainlink
Chainlink (LINK) $ 11.25 0.74%
bitcoin-cash
Bitcoin Cash (BCH) $ 348.44 0.11%
usds
USDS (USDS) $ 1.00 0.94%
leo-token
LEO Token (LEO) $ 6.08 0.43%
polkadot
Polkadot (DOT) $ 3.92 0.71%
sui
Sui (SUI) $ 1.94 0.34%
litecoin
Litecoin (LTC) $ 70.72 2.89%
near
NEAR Protocol (NEAR) $ 3.96 0.58%
aptos
Aptos (APT) $ 8.77 1.80%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,630.66 0.34%
uniswap
Uniswap (UNI) $ 7.48 4.07%
pepe
Pepe (PEPE) $ 0.000009 1.12%
internet-computer
Internet Computer (ICP) $ 7.82 0.83%
bittensor
Bittensor (TAO) $ 456.79 1.44%
dai
Dai (DAI) $ 1.00 0.01%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.21 3.56%
kaspa
Kaspa (KAS) $ 0.116231 1.54%
monero
Monero (XMR) $ 156.42 1.88%
stellar
Stellar (XLM) $ 0.092673 0.60%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
ethereum-classic
Ethereum Classic (ETC) $ 18.43 0.28%
whitebit
WhiteBIT Coin (WBT) $ 18.98 0.10%
first-digital-usd
First Digital USD (FDUSD) $ 0.998959 0.18%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.317547 0.12%
blockstack
Stacks (STX) $ 1.60 0.01%
okb
OKB (OKB) $ 38.18 0.26%
dogwifcoin
dogwifhat (WIF) $ 2.21 3.98%
aave
Aave (AAVE) $ 141.92 0.87%
filecoin
Filecoin (FIL) $ 3.48 0.44%
arbitrum
Arbitrum (ARB) $ 0.519631 1.90%
crypto-com-chain
Cronos (CRO) $ 0.073212 0.16%
mantle
Mantle (MNT) $ 0.578185 0.70%
optimism
Optimism (OP) $ 1.51 5.70%