Apollo To Invest $1.4 Bln In Aldar Properties

(RTTNews) - Investment management firm, Apollo Global Management (APO) will invest $1.4 billion in Abu Dubai developer, Aldar Properties PJSC, to boost Aldar's growth initiatives, the companies announced on Monday.

As part of the transaction, which is expected to be closed by the end of the first quarter of 2022, Apollo will take a direct minority stake in Aldar Investment Properties at its net asset value.

The transaction, which also includes a $500 million land joint venture, will allow Aldar to realize long-term value tied up in its vast land bank.

The commitment also permits Apollo for a $100 million common equity investment in the UAE-based company.