The asset manager is seeding the first strategy within its Mubadala Capital Solutions unit with $2.7bn from its balance sheet
The acquisition is part of the previously announced $1.4bn investment by Apollo into Aldar’s transformational growth initiatives
The deal will see Apollo take a direct minority stake in Aldar Investment Properties at its net asset value
The transaction will result in upfront proceeds of $2.7bn to ADNOC and is expected to close before end of 2020, subject to closing conditions and regulatory approvals