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ADNOC — a stronger company after Cornavirus crisis
Apollo-led investment and Annual dividend released
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 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 the Apollo-led consortium collectively holds a 49 percent stake in Abu Dhabi Properly Leasing Holding Company RSC Limited, a wholly-owned ADNOC affiliate. ADNOC retains a 51 percent majority stake, according to the statement. Maintaining full ownership and control over the select real estate and social infrastructure assets, it added
“This strategic partnership allows ADNOC to unlock and monetize significant value from its non-oil and gas strategic infrastructure assets and reinvest into our core business to deliver further growth and realize…
