Abu Dhabi National Oil Company (Adnoc) has raised $2.7bn through the sale of a 49% stake in a subsidiary granted a 24-year lease on its property portfolio.

A consortium headed by Apollo Global Management will take 49% in the ‘Abu Dhabi Property Leasing Holding Company’, a “real estate investment partnership” granted a 24-year lease on Adnoc’s property portfolio. Adnoc will retain 51% of the partnership and “full ownership” of the underlying assets as well as “responsibility for all operations and maintenance,” according to a 2 September Adnoc/Apollo joint press release. (CONTINUED - 324 WORDS)