Apollo, through its managed investment vehicles, has acquired an 11.1% minority stake in Aldar Investment Properties, a subsidiary of Aldar Properties PJSC and the region’s largest institutional-class real estate platform.
Leading international law firm Clifford Chance has advised Aldar Properties PJSC on its strategic USD 400 million transaction with Apollo Global Management, pursuant to which Apollo, through its managed investment vehicles, acquired an 11.1% minority stake in Aldar Investment Properties.
The transaction involved the issuance of common equity and mandatory convertible preferred equity in relation to Aldar Investment Properties, which houses Aldar’s core asset management business comprising over AED 23 billion (US$ 6.3 billion) of prime real estate assets across retail, residential, commercial, and logistics segments.
The transaction is part of a USD 1.4 billion investment by Apollo into Aldar’s transformational growth initiatives, which was previously announced by Aldar Properties and Apollo in February 2022.
The Clifford Chance M&A team advising Aldar Properties in respect of the convertible preferred equity and common equity elements of Apollo’s investment was led by Mohammed Al-Shukairy, Regional Managing Partner, Middle East, with support from senior associates Gareth Dray and Rizwan Butt and associates Ahmed Shafiek and Kimberly Ng.
Mohammed Al-Shukairy comments, “We are pleased to support Aldar on this major investment which showcases the strong confidence in the UAE by well-established international investors following successful social and economic reforms implemented by the Abu Dhabi Government.”
Ranked 1st for M&A by all of The Legal 500, Chambers and IFLR legal directories, Clifford Chance regularly advises on the most high-profile M&A transactions in the Middle East. This has recently included advising on the largest ever M&A deal in the region (PIF’s US$69 billion sale of its stake in SABIC), as well as the largest ever M&A deal in the UAE (AD Power’s US$20 billion sale to TAQA).
