Abu Dhabi –  Aldar Investment Properties (AIP), a subsidiary of Aldar Properties, has issued $500 million subordinated perpetual notes to Apollo Global Management (Apollo).

With a coupon of 5.62% for an initial non-call period of 15 years, the notes are the first to be issued by Aldar and the largest corporate hybrid private placement in MENA, according to a press release.

The process comes in line with Apollo’s $1.40 billion capital investment in Aldar’s transformational growth initiatives, which was announced in February 2022.

Moreover, the transaction includes a $500 million investment into a land joint venture and $400 million in common equity and mandatory convertible preferred equity in AIP.

The Chief Financial and Sustainability Officer at Aldar Properties, Greg Fewer, commented: "Our long-term strategic partnership with Apollo will accelerate Aldar’s transformative growth agenda, allowing us to build significant scale and enhance diversification of our high-quality portfolio of income-generating assets."

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