Abu Dhabi Investment Authority (Adia) has a 13.4 per cent stake in Deutsche Annington, Germany’s largest publicly traded owner of apartments.
The Abu Dhabi government-owned sovereign wealth fund was required by German financial rules to make the disclosure after a change in Deutsche Annington’s investment structure. Deutsche announced the disclosure yesterday in a statement.
Adia was one of the largest investors in the €2.1 billion (Dh10.52bn) Terra Firma Deutsche Annington Fund, set up in 2006 to hold the majority interest in Deutsche Annington.
Terra Firma, the UK-based private equity company that managed the fund, announced last week it was transferring ownership of its shares in Deutsche Annington to investors in the fund, giving them a direct shareholding in the property group.
A spokesman for Adia yesterday declined to comment.
Deutsche Annington owns 180,000 residential units across Germany, according to its website. It owns, maintains, rents and sells the properties. The company reported a 26 per cent rise in first-quarter profits after cutting back financing costs.
Adia is one of the largest sovereign wealth funds in the world, with investments across various asset portfolios.
According to the Sovereign Wealth Fund Institute, an American organisation that tracks SWF performance, Adia made US$7.93 billion of deals last year, behind only funds from Norway and Singapore in terms of investment activity.
tarnold@thenational.ae
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