Apollo takes minority stake in Aldar Properties real estate platform

Buildings at the Abu Dhabi Business Centre as implemented by Aldar in Abu Dhabi on October 27, 2013. REUTERS/Ben Job

DUBAI, Aug 17 (Reuters) – Apollo Global Management (APO.N)Alternative asset manager acquires minority stake in subsidiary of Abu Dhabi developer Aldar Properties (Arda.AD)The companies said it was part of a larger deal announced in February.

Apollo, through an investment vehicle it manages, has acquired an 11.1 percent stake in the developer’s real estate investment platform, Aldar Investment Properties (AIP), in a deal valued at $400 million, they said in a joint statement on Wednesday.

Apollo and Aldar said the deal is part of a $1.4 billion investment in Aldar that Apollo announced in February. read more

“By providing significant financial support, this transaction is a catalyst for AIP to significantly expand its real estate platform through further transformational acquisitions,” said Wednesday’s statement.

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

(1 USD = 3.6727 UAE Dirham)

Reporting by Hadeel Al Sayegh; Editing by David Holmes

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