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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.
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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.
Why it matters
The property market in the UAE bounced back strongly from the Covid-19 pandemic-driven slowdown in 2021 and the trend has continued this year, as the Arab world's second-largest economy remains on a strong growth trajectory. Developers are being encouraged to push on with new projects as pent-up demand and improved investor sentiment drive further sales.
