Aldar Estates has acquired 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 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 $681 million.
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.
Ms. Hana Al Rostamani, Group Chief Executive Officer of FAB, said that through this transaction and future collaborations with Aldar Estates, FAB will further enhance the property services offering available to the clients while creating new opportunities to support their growth. This partnership adds significant value and provides best-in-class, comprehensive services in the property sector.