{"id":112663,"date":"2026-02-23T00:00:00","date_gmt":"2026-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/2026\/02\/23\/aldar-locks-in-usd-1-bn-from-apollo-tightens-grip-on-income-arm\/"},"modified":"2026-02-23T00:00:00","modified_gmt":"2026-02-23T00:00:00","slug":"aldar-locks-in-usd-1-bn-from-apollo-tightens-grip-on-income-arm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/02\/23\/aldar-locks-in-usd-1-bn-from-apollo-tightens-grip-on-income-arm\/","title":{"rendered":"Aldar locks in USD 1 bn from Apollo, tightens grip on income arm"},"content":{"rendered":"

Aldar Pr<\/strong>operties raised USD 1 bn via a 10.25-year subordinated hybrid issuance <\/strong>to Apollo Global Management in a private offering<\/strong>, it said in a bourse filing (pdf)<\/a>. The move marks the region\u2019s largest corporate hybrid private placement and brings Apollo\u2019s total exposure to Aldar since 2022 to USD 2.9 bn.<\/p>\n

A capital reshuffle is also at play: <\/strong>Aldar, rated Baa2 by Moody\u2019s, is using the proceeds to buy back USD 500 mn in older perpetual notes held by Apollo in Aldar\u2019s investment arm, Aldar Investment Properties (AIP), from 2022. The funds will also funnel fresh equity into AIP, which carries a Baa1 rating, raising Aldar\u2019s ownership in the subsidiary to 90% \u2014 up from 88.1% as of early 2025 \u2014 and leaving Apollo with a 10% residual stake.<\/p>\n

Capturing the upside: <\/strong>AIP holds Aldar\u2019s develop-to-hold portfolio, which includes assets like Yas Mall and the ADGM towers that generate steady rent. By increasing its stake, Aldar ensures more of that liquidity stays at the parent level, giving it the financial firepower to bankroll its project pipeline, which includes its share of the AED 38 bn<\/a> Dubai Holding expansion announced earlier this month and its recent AED 23 bn<\/a> Abu Dhabi land grab. <\/p>\n

ICYMI- Aldar closed another USD 1 bn hybrid issuance last month<\/strong>, pricing 30.25-year subordinated notes<\/a> at a 5.875% coupon<\/a> after books peaked at USD 4.2 bn. The offering \u2014 rated Baa3 by Moody\u2019s and treated as 50% equity \u2014 marked one of the tightest corporate hybrid spreads in the region and follows a broader USD 5.1 bn funding haul in 2025.<\/p>\n

ADVISORS-<\/strong> Citi quarterbacked the transaction as global coordinator, structuring agent, and rating advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The move marks the region\u2019s largest corporate hybrid private placement and brings Apollo\u2019s total exposure to Aldar to USD 2.9 bn<\/p>\n","protected":false},"author":1,"featured_media":112664,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1459,97,68,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-112663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aldar","tag-aldar-properties","tag-debt-watch","tag-enterpriseam-uae","wpautop","entry"],"acf":{"mongo_id":"773206ec-47a5-4d48-87d2-744902b881d9","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/968.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar locks in USD 1 bn from Apollo, tightens grip on income arm","related_issue":[112655],"teaser":"The move marks the region\u2019s largest corporate hybrid private placement and brings Apollo\u2019s total exposure to Aldar to USD 2.9 bn"},"yoast_head":"\nAldar locks in USD 1 bn from Apollo, tightens grip on income arm - 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