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Newfoundland & Labrador > Business > Reuters

ADNOC and Apollo-led consortium close $5.5 billion real estate investment partnership

Reuters | Posted: Sept. 29, 2020, 10:23 a.m. | Updated: Sept. 29, 2020, 9:21 a.m. | 1 Min Read

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DUBAI (Reuters) - The Abu Dhabi National Oil Company (ADNOC) said on Tuesday it closed its $5.5 billion real estate investment partnership with entities owned and/or advised by Apollo Global Management Inc subsidiaries and a group of institutional investors.

The closing takes the combined investment in select ADNOC real estate assets by the investor consortium to $2.7 billion, the company said in a statement.

The Apollo-led consortium collectively holds a 49% stake in Abu Dhabi Properly Leasing Holding Company RSC Limited (ADPLHC). ADNOC retains a 51% majority stake, according to the statement.

(Reporting by Dahlia Nehme; Editing by Louise Heavens)

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