ADNOC Signs $5.5 Billion Real Estate Deal With Apollo-led Consortium

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September 2, 2020

DUBAI: Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.

ADNOC said in a statement that the transaction will result in upfront proceeds of $2.7 billion to ADNOC and is expected to close before year-end.

“The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement,” it added.

Under the real estate transaction, which ADNOC said was one of the region’s largest, private equity firm Apollo led a consortium of institutional investors to acquire a 49% stake in Abu Dhabi Property Leasing Holding Company (ADPLHC), which is a wholly owned affiliate of ADNOC.

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The Abu Dhabi oil producing company will retain a 51% majority stake, maintaining full ownership and control over the select real estate and social infrastructure assets, it added.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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ADNOC Signs $5.5 Billion Real Estate Deal With Apollo-led Consortium

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