Abu Dhabi Pension Fund signs real estate partnership with national oil company
The Abu Dhabi skyline
Abu Dhabi Pension Fund has formed a strategic real estate investment partnership with Abu Dhabi National Oil Co.
The deal will see ADPF acquire a 31% stake in Abu Dhabi Energy Estate Co.-Sole Proprietorship for $900 million. ADNOC will hold 69% of the company, an ADPF news release said.
The company was created to hold ADNOC s 51% stake in Abu Dhabi Property Leasing Holding Co., which comprises long-term leasehold interests underpinned by real estate assets across the emirate. ADNOC announced in September that it had entered into a long-term strategic investment with accounts and entities owned and/or advised by Apollo Global Management and its subsidiaries and other institutional investors. Apollo will continue to directly hold 49% of Abu Dhabi Property Leasing Holding Co.
ADNOC has been bringing on board strategic partners across its assets ADNOC firms ups its alliance with Abu Dhabi Pension Fund further, and continuing on the asset-based alliances it has struck with multiple institutional entities. Image Credit: Supplied
Dubai: The Abu Dhabi Pension Fund has concluded its biggest real estate focussed deal to date with ADNOC. It is also the fund s third transaction with Abu Dhabi s energy giant.
Under the terms of the agreement, ADPF will acquire a 31 per cent holding in Abu Dhabi Energy Real Estate Company – Sole Proprietorship llc (Adrec) for $900 million. The latter company was created to hold ADNOC’s 51 per cent stake in Abu Dhabi Property Leasing Holding Co. RSC ltd.,