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Aldar Properties has issued $1 billion in subordinated hybrid notes to Apollo Global Management through a private placement, reinforcing its capital structure and supporting long-term expansion across its real estate portfolio.
Key Highlights:
- Aldar issued $1 billion hybrid notes through a private placement to Apollo-managed affiliates and funds.
- The deal represents the largest corporate hybrid private placement in the region.
- Apollo’s total investment in Aldar has reached approximately $2.9 billion since 2022.
- Net proceeds will be injected as equity into Aldar Investment Properties, which manages income-generating assets.
- Transaction supports balance sheet strength and long-term capital flexibility.
- Includes repayment of $500 million perpetual subordinated notes issued earlier as part of the 2022 investment.
- Aldar’s ownership in Aldar Investment Properties has increased to 90%, with Apollo holding the remaining 10% stake.
- The hybrid notes feature a longer non-call period of 10.25 years, aligning with Aldar’s recent public issuance.
- The company continues to expand its develop-to-hold pipeline valued at nearly $5 billion.
- Statement from Faisal Falaknaz highlighted the role of flexible capital in supporting growth opportunities.
- Jamshid Ehsani emphasized Apollo’s continued commitment to Aldar and the Abu Dhabi market.
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