Abu Dhabi developer Aldar Properties has acquired a landscaping company in a AED150 million ($40.84 million) deal.
The company said it now owns a 75% majority stake in Basatin, with the remaining 25% held by an unnamed “strategic partner”.
The Abu Dhabi-based landscaping company provides landscaping, installation, paving, horticulture and green waste disposal, employs 1,000 people and counts clients including the Ministry of Municipalities and Transport as well as Expo 2020.
Aldar said: “This transaction complements the services already provided through the Aldar Estates platform, a key operating unit of the Aldar Investment business.
“The platform has been expanding rapidly, supported by solid organic growth and a string of acquisitions over the last year.
“This transaction significantly increases Aldar Estates’ capabilities, allowing it to provide a more comprehensive service to Aldar’s growing client base.”
Aldar added that the landscaping market is experiencing strong growth due to demographic trends and large project construction.
“This growth is expected to continue with the UAE’s renewed focus on sustainability, urbanization efforts and strong focus on green spaces coupled with strong demand from the real estate sector.”
(Reporting by Imogen Lillywhite; Editing by Seban Scaria)