Apollo Acquires Minority Stake in Aldar Properties Real Estate Platform

The building is pictured at the Abu Dhabi Commercial Center implemented by Aldar on October 27, 2013 in Abu Dhabi. REUTERS/Ben Job

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DUBAI (Reuters) – Alternative asset manager Apollo Global Management (APO.N) has acquired a minority stake in a subsidiary of Abu Dhabi developer Aldar Properties (ALDAR.AD). A bigger deal announced in February.

Apollo has acquired a 11.1% stake in developer real estate investment platform Aldar Investment Properties (AIP) in a transaction valued at $400 million through a managed investment vehicle, said a joint statement Wednesday.

Apollo and Aldar said the deal was part of a $1.4 billion investment Apollo made in Aldar in February.read more

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“By providing significant financial support, this transaction will serve as a catalyst for AIP to significantly expand its real estate platform through further innovative acquisitions,” a statement said Wednesday.

AIP announced in July that it had acquired four major commercial towers in Abu Dhabi’s financial centre, Abu Dhabi Global Markets, for AED 4.3 billion ($1.2 billion).

($1 = 3.6727 United Arab Emirates Dirham)

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Reported by Hadeel Al Sayegh.Edited by David Holmes

Our standards: Thomson Reuters Trust Principles.

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