Abu Dhabi – Mubasher: Aldar Properties strengthened its long-term partnership with Apollo Global Management through a private placement of $500 million in subordinated hybrid notes, according to a press release.
The transaction, which brings Apollo’s aggregate investment in Aldar to nearly $1.90 billion since 2022, boosts the resilience of the AUE-based group’s capital structure and enhances value accretive for its shareholders.
The issuance aligns with Apollo’s initial $1.40 billion investment into Aldar in 2022 and represents one of the region’s largest-ever corporate hybrid private placements.
Faisal Falaknaz, Group Chief Financial and Sustainability Officer at Aldar, said: “The transaction provides Aldar with long-term, flexible capital that contributes to our balance sheet strength as we continue to capitalize on attractive growth opportunities.”
The hybrid notes issued to Apollo share characteristics of a recent $1 billion public issuance by Aldar, with a longer non-call period of 10.25 years.
Manarat Living III’s Sales
In another bourse statement, Aldar’s Manarat Living III, the final edition of its design-led urban collection on Saadiyat Island, sold out within a day and generated AED 940 million in sales.
The residential community includes 400 urban homes that offer enhanced amenities and premium features, including thoughtfully designed outdoor and community spaces.
UAE nationals made up 28% of sales, while expatriate residents and overseas buyers accounted for 72%.
Nationals from the UAE, Jordan, China, and the UK were the top four international buyers by sales volume.
