Aldar Properties announced the signing of an agreement with Apollo Global Management, under which the latter will invest about $14 billion in strategic capital to support transformational growth initiatives. Al-Dar Company.
The Emirati newspaper, Al Khaleej, stated that the agreement was organized on the basis of an investment of about $500 million in a partnership that includes a group of lands owned by Aldar Properties, and another $500 million in bonds. Secondary permanent issued by Aldar Real Estate Investment Company.
A further $300 million will be invested in mandatory convertible preferred shares in Aldar Real Estate Investment Company, and $100 million will be invested in the form of common stock in Aldar Real Estate Investment Company .
The $500 million land partnership will allow Aldar to generate long-term value that supports its large land stock; And at the same time maintaining the flexibility to develop or sell plots of land in accordance with Aldar’s long-term development strategy.
As part of the agreement, Apollo will acquire a direct minority stake in Aldar Investments, which is priced at net asset value, highlighting the strength of its asset base and conviction "Apollo" with the company's growth strategy, its management competencies, and its ability to seize future opportunities.
This investment, at the level of Aldar Real Estate Investment Company and Aldar Group, reflects the company's ability to attract institutional capital to its real estate platforms. It also shows the ability of Aldar Properties and "Apollo" to adopt innovative and diversified solutions to support capital, which was demonstrated by Aldar's issuance for the first time ever secondary perpetual bonds and the largest hybrid private institutional offering in the Middle East and North Africa with the longest non-maturity period .
