Milbank advised a consortium of international investors led by Apollo Global Management Inc. and its subsidiaries on a long-term lease deal that the firm said is one of the Middle East’s biggest real estate transactions.
The partnership agreement calls for the consortium to invest in a real estate portfolio held by the state-owned Abu Dhabi National Oil Company (Adnoc) valued at $5.5 billion. U.K.-based Ashurst said it advised Adnoc.
Under the deal, the group led by New York-based Apollo takes a 49% stake in Adnoc affiliate Abu Dhabi Property Leasing Holding Company and will get rental income streams from select Adnoc real estate assets under a 24-year master lease agreement.
Adnoc said in a statement that it expects to get $2.7 billion upfront from the transaction. It also expects to reap new sources of global institutional long-term capital, while supporting investment in its core business and strategic growth projects.
The transaction is expected to close before the end of the year.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
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To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com
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