Clifford Chance advises on Apollo's further investment in Aldar, region's largest ever corporate hybrid private placement

Clifford Chance's private equity and capital markets teams have advised on the USD 1.0 billion subordinated hybrid notes issuance by Aldar Properties PJSC (“Aldar”) to Apollo Global Management (“Apollo”) through a private placement – the region's largest ever corporate hybrid private placement.

The transaction aims to support Aldar’s growth momentum and optimise its capital structure, with the net proceeds having been injected as equity into Aldar Investment Properties (“AIP”).  The transaction also involved the repayment of USD 500 million of perpetual subordinated notes previously issued by AIP to Apollo.

The Clifford Chance team in the UAE was led by Mohammed Al-Shukairy (Private Equity/ M&A Partner and Regional Managing Partner, Middle East & Türkiye) and Stuart Ure (Capital Markets, Partner) with assistance from Gareth Dray, Legal Director (Private Equity/M&A), Terrence Moloney, Counsel (Capital Markets), Pearl Mahaga, Senior Associate (Capital Markets), Kimberly Ng, Senior Associate (Private Equity/ M&A) and Hafsah Akhtar, Trainee (Private Equity/ M&A).

The issuance builds on the long-term capital partnership between Aldar and Apollo, with total transactions between the parties amounting to approximately USD 2.9 billion to date, and follows Clifford Chance’s earlier involvement in advising on the strategic USD 400 million preferred equity investment by Apollo in AIP in 2022.