In order to accomplish this goal, it is acquiring a property management services provider in the UAE, named FAB Properties.
Once the transaction goes through, it would give a property management portfolio to Aldar Estate that comprises of 22,000 residential units spread across 600 properties in the UAE.
Before acquiring FAB Properties, Aldar Estates had expanded its portfolio through the announcement of its merger with ElitzamAsset Management Group.
The total number of residential units under the management of the platform has now reached 157,000, while the facilities management contracts now have a value of more than AED 2.5 billion.
Likewise, the commercial and prime retail spaces have also reached a GLA (gross leasable area) of over 1 million.
As long as regulatory approval is granted for the transaction, it would provide the Aldar Estates platform with solid recurring income.
This is due to the fact that FAB Properties was able to record a robust financial performance in 2022 and also saw strong occupancy.
In accordance with the agreement, a stable growth pipeline would also benefit Aldar Estates, as it would provide exclusive property management services to properties that FAB will finance.
The Chairman and Group Chief Executive Officer of Aldar Estates, Talal Al Dhiyebisaid that in the last 12 months, Aldar Estates has made transformative acquisitions.
This has enabled the company to become the leader in facilities and property management in the region.
He went on to say that the acquisition of FAB Properties would help them in scaling their business further, as they would be managing a diverse portfolio of properties.
It would also provide them access to a broader client base in the region and this would give them room for additional growth.
The Chief Executive Officer of FAB properties, Hana Al Rostamani, said that they were pleased to partner with a leading real estate services provider in the market.
The CEO added that with this transaction and other collaborations with Aldar Estates, the group would be able to provide their clients with better property services and also create new opportunities for supporting growth.
The partnership would also add considerable value to the property sector, as comprehensive and best in-class services would become available.
A subsidiary of Aldar Properties, Aldar Estates would continue to use its enlarged platform for ensuring accelerated and strategic growth.
In addition, the platform is also committed to making investments in technology, high caliber talent and sustainability for delivering superior services and capturing more market share in the region by improving its offerings.
FAB Properties, on the other hand, was founded in 2011, and it specializes in delivering end-to-end solutions in the real estate market, which include leasing, marketing, financial reporting and facility management.
It is currently managing 22,000 units that belong to 600 different properties. It is a subsidiary of FAB i.e. the First Abu Dhabi Bank.