Alternative assets manager, Apollo Global Management (APO) has picked up an 11.1% stake in Aldar Investment Properties (AIP), a subsidiary of UAE-based Aldar Properties. The deal cost Apollo $400 million, and is part of their previous agreement of $1.4 billion investment announced in February.

The transaction involved the issuance of $400m of common equity and mandatory convertible preferred equity at 100% of net asset value into AIP, which houses Aldar’s core asset management business, comprising more than Dh23bn of prime property assets across retail, residential, commercial and logistics segments.