UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) has entered into a strategic real estate investment partnership worth AED 3.3 billion ($900 million) with Abu Dhabi Pension Fund (ADPF), according to the Emirates News Agency (WAM).
The transaction, which is the ADPF's third successive energy infrastructure and real estate asset partnership with ADNOC, will enable the Fund to invest in ADNOC's long-term and high-quality assets.
Under the partnership, ADPF will acquire 31% in Abu Dhabi Energy Real Estate Company (ADEREC), while ADNOC will hold the remaining stake.
The ADEREC was established to hold ADNOC’s 51% stake in Abu Dhabi Property Leasing Holding Company (ADPLHC), which owns long-term leasehold interests in diverse ADNOC real estate assets.
This transaction came after ADNOC had inked a long-term strategic partnership with a consortium led by Apollo Global Management and its subsidiaries to invest $5.5 billion in ADNOC's real estate portfolio.
Apollo and its subsidiaries directly own 49% of ADPLHC.
The UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Al Jaber, said: "The creation of our real estate investment partnership with Apollo last year enabled ADNOC to monetise its non-oil and gas strategic infrastructure assets and reinvest the proceeds into our core business to deliver further growth."
