ABU DHABI, UAE – Aldar Estates has announced the acquisition of 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 leaseable area (GLA) of more than 1 million, and facilities management contracts valued at approximately US$680 million (AED2.5 billion).
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 management partner for properties financed by FAB.
Talal Al Dhiyebi, Group Chief Executive Officer 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.”
He said, “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.”
Hana Al Rostamani, Group Chief Executive Officer of FAB, said that through this transaction and future collaborations with Aldar Estates, his company will further enhance the property services offering available to the clients while creating new opportunities to support their growth.
He said that this partnership adds significant value and provides best-in-class, comprehensive services in the property sector.