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
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