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Adnoc signs $5.5 billion real estate deal with Apollo-led consortium - News - Gulflance

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January 24, 2021
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Home » Adnoc signs $5.5 billion real estate deal with Apollo-led consortium – News
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Adnoc signs $5.5 billion real estate deal with Apollo-led consortium – News

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The company said that the transaction will result in upfront proceeds of $2.7 billion to Adnoc and is expected to close before year-end.

Abu Dhabi National Oil Company (Adnoc) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.

Adnoc said in a statement that the transaction will result in upfront proceeds of $2.7 billion to Adnoc and is expected to close before year-end.

“The strategic investment will leverage the rental income streams from select Adnoc real estate assets under a 24-year master lease agreement,” it added.

Under the real estate transaction, which Adnoc said was one of the region’s largest, private equity firm Apollo led a consortium of institutional investors to acquire a 49 per cent stake in Abu Dhabi Property Leasing Holding Company (Adplhc), which is a wholly owned affiliate of Adnoc.

The Abu Dhabi oil producing company will retain a 51 per cent majority stake, maintaining full ownership and control over the select real estate and social infrastructure assets, it added.





Click here to read more news from @khaleejtimes

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