Asteco's Property Management gets bought by Aldar Properties' entity
Deal comes amidst major makeover for Dubai's property management space
Dubai-based Asteco Property Management has been acquired by Provis, part of Abu Dhabi’s Aldar Properties’ portfolio. For Provis, this deal will expand its base further in Dubai, with Asteco managing multiple high-profile buildings on Shaikh Zayed Road, JLT and elsewhere.
The value of the deal has not been disclosed.
“After this acquisition, Provis will now be managing a total of over 32,000 units under property management and nearly 28,000 units under owners’ association (OA) management in the UAE and wider region,” said a note.
Asteco’s property management arm was added to its core selling and renting operations and then emerged as quite a significant revenue generator over the years.
Aldar also owns Khidmah, which too is into property services.