The Abu Dhabi National Oil Company (ADNOC) announced the completion of a real estate investment deal it had previously concluded earlier this month, with a consortium that includes a number of investment institutions led by Apollo Global Management (Apollo), listed on the New York Stock Exchange.
The deal agreement stipulated that the Apollo-led consortium would invest in select real estate assets owned by ADNOC, valued at 20 billion dirhams ($ 5.5 billion) for a maximum lease term 24 years old
According to Bloomberg, ADNOC announced that the completion of the deal brings the total value of the alliance's investment in real estate assets owned by the company to $ 2.7 billion.
ADNOC added that, according to the agreement, the consortium will own a 49% stake in its real estate leasing unit, which is the Abu Dhabi Real Estate Leasing Holding Company Ltd., while ADNOC will retain the 51% stake. Remaining in the unit.
In early September, ADNOC announced the conclusion of a long-term partnership agreement with a consortium that includes a number of investment institutions led by Apollo Global Management Apollo, which is one of the largest Alternative investment management companies in the world.
This partnership allows ADNOC to benefit from the rental returns of a group of its real estate assets, under a lease agreement for a maximum period of 24 years.
