Apollo to invest $1.4b in Abu Dhabi developer Aldar

Apollo Global Management will invest $1.4 billion in Abu Dhabi developer Aldar Properties , including a land joint venture and an equity investment in the company's real estate unit, the pair said on Monday.

The commitment will be made by Apollo managed funds and clients and include a $500 million investment in a land joint venture and a $100 million common equity investment in Aldar's real estate investment unit, the companies said.

New York-based Apollo would also invest $800 million in the unit, Aldar Investment Properties, through perpetual subordinated notes and mandatory convertible preferred equity, they said.

The land acquired in the joint venture from Aldar's landbank could later be developed or sold. Apollo will hold a minority stake in the real estate investment unit through the common equity investment,   "Aldars ability to attract a long-term partner such as Apollo, underscores the strength of Aldars business franchise," Aldar Chief Executive Talal Al Dhiyebi said.