(MENAFN- Emirates News Agency (WAM)) ABU DHABI, 11th September, 2023 (WAM) -- Aldar Estates, the region's largest integrated property and facilities management company, has added further scale to its business with the acquisition of FAB Properties, a UAE-based provider of property management services.
The transaction will see Aldar Estates integrate a property management portfolio of 22,000 residential units across 600 properties within its expanding platform in the UAE.
The acquisition of FAB Properties, follows the recent announcement of Aldar Estates' merger with Eltizam Asset Management Group, adding further weight to Aldar Estates' portfolio.
The platform will now comprise a total of 157,000 residential units under management, prime retail, and commercial spaces across a total gross leasable area (GLA) of more than 1 million, and facilities management contracts valued at approximately AED 2.5 billion.
The transaction, following regulatory approvals, is expected to provide a solid vein of recurring income to the Aldar Estates platform based on the strong occupancy across the FAB Properties portfolio and its robust 2022 financial performance.
As part of the agreement, Aldar Estates will also benefit from a stable growth pipeline as the exclusive property management partner for properties financed by FAB.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar and Chairman of Aldar Estates said:“Aldar Estates has emerged as the regional leader in property and facilities management through transformative acquisitions in the past 12 months. The acquisition of FAB Properties adds further scale to our business through a diverse portfolio of properties under management and access to a broader client base across the UAE, with room for further growth.”
Hana Al Rostamani, Group Chief Executive Officer of FAB, said:“We are pleased to be working with a market-leading real estate services provider in this strategic agreement. Through this transaction and future collaborations with Aldar Estates, FAB will further enhance the property services offering available to our clients, while creating new opportunities to support their growth. We believe this partnership adds significant value and provides best-in-class, comprehensive services in the property sector.”
Aldar Estates, which is a subsidiary of Aldar Properties, will continue to leverage scale, reach, and the synergies across its enlarged platform to drive its strategic and accelerated growth. Moreover, the platform remains focused on investing substantially in technology, sustainability, and high calibre talent to deliver superior service, develop its offering further and capture additional market share across the region.
Established in 2011, FAB Properties specialises in end-to-end real-estate solutions, ranging from marketing, leasing, facility management and financial reporting, and currently manages approximately 22,000 units across 600 properties. FAB Properties is a subsidiary of First Abu Dhabi Bank (FAB).
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