DUBAI (Reuters) – Apollo Global Management 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)
(Reporting by Hadeel Al Sayegh; Editing by David Holmes)