Apollo to invest $1.4 billion in Abu Dhabi developer Aldar
Summary
DUBAI, Feb 14 (Reuters) - Apollo Global Management (APO.N) will invest $1.4 billion in Abu Dhabi developer Aldar Properties (ALDAR.AD), including a land joint venture and an equity investment in the companys real estate unit, the pair said on Monday. The land acquired in the joint venture from Aldars landbank could later be developed or sold. Apollo will hold a minority stake in the real estate investment unit through the common equity investment, "Aldar’s ability to attract a long-term partner such as Apollo, underscores the strength of Aldar’s business franchise," Aldar Chief Executive Talal Al Dhiyebi said. The cash proceeds would be used to fund Aldars growth plans. Aldar last week said it planned to spend nearly $1.4 billion of existing capital this year acquiring recurring revenue generating assets such as commercial and residential property.
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