WASHINGTON (dpa-AFX) - Apollo (APO) announced that Apollo-managed funds have invested $1 billion in subordinated hybrid notes issued by Aldar Properties PJSC, a real estate developer and investment manager based in the UAE.
The latest investment strengthens Apollo's long-term strategic partnership with Aldar and marks the firm's fifth investment in the company since 2022. With this transaction, Apollo's aggregate commitments to Aldar now total $2.9 billion.
Apollo noted that the proceeds from the investment are intended to enhance Aldar's balance sheet flexibility and support its ambitious growth agenda. Key priorities include replenishing its landbank, expanding its develop-to-hold portfolio, and pursuing strategic acquisitions to further solidify its position in the market.
APO closed at $118.34 on February 19, down $6.51 or 5.21%, while in overnight trading the stock edged up to $118.88 at 10:51:35 PM EST, a gain of $0.54 or 0.46%
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