Abu Dhabi-based alternative investment firm Lunate Capital has acquired a 40% stake in Adnoc Oil Properties (AOP), a crude oil pipeline infrastructure asset.
The stake was purchased from BlackRock and KKR for an undisclosed sum.
AOP’s assets include 17 onshore and 5 offshore pipelines across the region which have been leased from Adnoc on a 23-year agreement. The pipelines cover 806km with a total capacity of 18 million barrels per day.
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The acquisition was made through Lunate’s Long Term Capital fund which has a strategy based on cash yields and long-term capital appreciation.
“Lunate’s investment in AOP aligns with our long-term capital strategy to identify and invest in premium infrastructure assets,” said Murtaza Hussain, managing partner at Lunate.
“It also presents an opportunity to invest in a core Abu Dhabi asset and demonstrates our confidence in the UAE economy.”
Lunate, along with BlackRock, Brookfield and TPG, is also one of the backers of Alterra which was launched in December 2023 as “the largest private investment funds focused on climate change”.