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Friday, June 14, 2024

Aldar Estates buys FAB Properties

Aldar Estates, the region’s largest property and facilities management company, expands its portfolio with the acquisition of FAB Properties, a UAE-based property management services provider. This strategic move integrates 22,000 residential units across 600 properties into Aldar Estates’ growing UAE platform, which recently merged with Eltizam Asset Management Group.

The expanded platform now manages a total of 157,000 residential units, prime retail and commercial spaces, and facilities management contracts valued at approximately Dh2.5 billion, with a total gross leasable area (GLA) exceeding 1 million. Pending regulatory approvals, this acquisition is expected to provide a steady stream of recurring income based on strong occupancy rates within the FAB Properties portfolio and its robust 2022 financial performance.

Additionally, Aldar Estates will serve as the exclusive property management partner for properties financed by FAB, ensuring a stable growth pipeline.

Talal Al Dhiyebi, Group CEO of Aldar and Chairman of Aldar Estates, commented on the acquisition’s significance and its potential for further growth.

Hana Al Rostamani, Group CEO of FAB, expressed their commitment to enhancing property services for clients through this strategic partnership.

Aldar Estates, a subsidiary of Aldar Properties, plans to leverage its scale, reach, and synergies to drive strategic growth, emphasizing technology, sustainability, and talent development to expand its market share across the region.

Established in 2011, FAB Properties specializes in end-to-end real estate solutions and is a subsidiary of First Abu Dhabi Bank (FAB).

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