Dubai: Aldar in Abu Dhabi continues its deal-making blitz, this time buying the property management portfolio operated by FAB Properties. The transaction, by Aldar Estates, will add 22,000 residential units across 600 properties managed by FAB Properties. (The latter was part of the Abu Dhabi mega-bank FAB.)
It follows on from the announcement of Aldar Estates’ merger with Eltizam Asset Management Group. The platform adds up to a hefty 157,000 residential units under management, as well as prime retail and commercial spaces across a total gross leasable area (GLA) of more than 1 million square feet. Plus, facilities management contracts valued around Dh2.5 billion.
“We are pleased to be working with a market-leading real estate services provider in this strategic agreement," said Hana Al Rostamani, Group CEO of FAB. "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.”
Launched in 2011, FAB Properties' work centers around offering 'end-to-end real-estate solutions', from marketing, leasing, facility management and financial reporting.
Post the merger with Eltizam, Aldar Estates brings serious heft to the table, and which has now been enhanced through the FAB deal. As part of the new agreement, Aldar Estates stands to 'benefit from a stable growth pipeline' as the exclusive property management partner for properties financed by FAB'.
Talal Al Dhiyebi, Group CEO 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.”