<p>Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.</p>.<p>ADNOC said in a statement that the transaction will result in upfront proceeds of $2.7 billion to ADNOC and is expected to close before year-end.</p>.<p>"The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement," it added.</p>.<p>Under the real estate transaction, which ADNOC said was one of the region’s largest, private equity firm Apollo led a consortium of institutional investors to acquire a 49 percent stake in Abu Dhabi Property Leasing Holding Company (ADPLHC), which is a wholly-owned affiliate of ADNOC.</p>.<p>The Abu Dhabi oil producing company will retain a 51 percent majority stake, maintaining full ownership and control over the select real estate and social infrastructure assets, it added.</p>
<p>Abu Dhabi National Oil Company (ADNOC) said on Wednesday it had entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.</p>.<p>ADNOC said in a statement that the transaction will result in upfront proceeds of $2.7 billion to ADNOC and is expected to close before year-end.</p>.<p>"The strategic investment will leverage the rental income streams from select ADNOC real estate assets under a 24-year master lease agreement," it added.</p>.<p>Under the real estate transaction, which ADNOC said was one of the region’s largest, private equity firm Apollo led a consortium of institutional investors to acquire a 49 percent stake in Abu Dhabi Property Leasing Holding Company (ADPLHC), which is a wholly-owned affiliate of ADNOC.</p>.<p>The Abu Dhabi oil producing company will retain a 51 percent majority stake, maintaining full ownership and control over the select real estate and social infrastructure assets, it added.</p>