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Reuters
Apollo takes minority stake in Aldar Properties real estate platform
Apollo Global Management Inc, a manager of alternative assets, has acquired a minority stake in a subsidiary of Abu Dhabi developer Aldar Properties, the companies said, part of a larger deal announced in February. Apollo, through its managed investment vehicles, has taken an 11.1% stake in Aldar Investment Properties (AIP), the developer’s real estate investment platform, in a transaction valued at $400 million, they said in a joint statement on Wednesday. Apollo and Aldar said the deal was part of a previously announced $1.4 billion investment by Apollo into Aldar in February.
