ADNOC and Apollo-led consortium close $5.5bln real estate investment partnership

The Apollo-led consortium collectively holds a 49% stake in Abu Dhabi Properly Leasing Holding Company

  
General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. Image used for illustrative purpose.

General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. Image used for illustrative purpose.

REUTERS/Hamad I Mohammed

DUBAI- The Abu Dhabi National Oil Company (ADNOC) said on Tuesday it closed its $5.5 billion real estate investment partnership with entities owned and/or advised by Apollo Global Management Inc subsidiaries and a group of institutional investors.

The closing takes the combined investment in select ADNOC real estate assets by the investor consortium to $2.7 billion, the company said in a statement.

The Apollo-led consortium collectively holds a 49% stake in Abu Dhabi Properly Leasing Holding Company RSC Limited (ADPLHC). ADNOC retains a 51% majority stake, according to the statement.

(Reporting by Dahlia Nehme; Editing by Louise Heavens) ((dahlia.nehme@thomsonreuters.com;))