Aldar Estates, a prominent player in the real estate industry, has recently unveiled its strategic move to acquire FAB Properties, a reputable UAE-based property management services provider. This significant transaction marks another milestone in Aldar Estates’ journey towards solidifying its presence in the United Arab Emirates.
In a bid to fortify its standing in the market, Aldar Estates recently merged with Eltizam Asset Management Group, and the acquisition of FAB Properties serves as a complementary addition to their ever-expanding portfolio. This dynamic move positions Aldar Estates as a powerhouse in property management, further cementing its role in shaping the real estate landscape of the region.
The acquisition involves the assimilation of FAB Properties’ extensive property management portfolio, encompassing a staggering 22,000 residential units across 600 properties. This integration seamlessly aligns with Aldar Estates’ overarching vision, aiming to offer comprehensive and unparalleled real estate solutions to its clients.
Following this acquisition, Aldar Estates will be managing an impressive total of 157,000 residential units. Additionally, their portfolio will include prime retail and commercial spaces covering a total gross leasable area (GLA) exceeding one million square feet. Furthermore, the deal will bring with it facilities management contracts worth approximately AED2.5 billion, further solidifying Aldar Estates’ position as a market leader.
The completion of this transaction, subject to regulatory approvals, is expected to provide a steady stream of recurring income to the Aldar Estates platform. This financial boost is underpinned by the robust performance of FAB Properties in 2022, which showcased strong occupancy rates across its extensive portfolio. As part of the agreement, Aldar Estates will also enjoy the benefits of a stable growth pipeline, as they become the exclusive property management partner for properties financed by FAB.
Talal Al Dhiyebi, Group Chief Executive Officer of Aldar and Chairman of Aldar Estates, expressed his enthusiasm for the acquisition, stating, “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.”
Hana Al Rostamani, Group Chief Executive Officer of FAB, shared her perspective on the transaction, emphasizing the potential for growth and collaboration. She stated, “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.”
This strategic move by Aldar Estates not only enhances their market presence but also signals their commitment to delivering top-tier property management services to their clients. The acquisition of FAB Properties is a testament to their dedication to offering comprehensive and diversified real estate solutions, making them a dominant force in the industry.
As the real estate landscape in the UAE continues to evolve, Aldar Estates’ expansion will undoubtedly shape the way properties are managed and services are delivered in the region. The integration of FAB Properties into their portfolio opens up exciting prospects for the real estate market and positions Aldar Estates as the go-to provider for property management solutions. With their growing scale and expertise, they are poised to set new benchmarks in the industry and drive further innovation and excellence in property management services.
In conclusion, Aldar Estates’ acquisition of FAB Properties is a strategic move that underscores their commitment to becoming a leader in the property management sector. With their expanded portfolio, diverse offerings, and a solid growth pipeline, they are well-positioned to serve the evolving needs of the real estate market in the United Arab Emirates. This acquisition not only strengthens their market position but also creates new opportunities for clients and investors, ultimately contributing to the continued growth and development of the real estate sector in the region.
