Aldar Properties, the largest integrated real estate and facilities management platform in the region, has acquired First Abu Dhabi Properties, the UAE-based company specialized in providing integrated real estate solutions.
Thus, Aldar Real Estate platform expands its portfolio by including 22,000 residential units among 600 properties in the Emirates.
This acquisition follows the recent merger of Aldar Properties and Eltizam Asset Management Group, expanding the platform’s portfolio, which now includes 157,000 managed residential units, in addition to high-quality retail and commercial space with a total leasable area exceeding 1 million square metres, and facilities management contracts worth It is estimated at about 2.5 billion dirhams.
This transaction, after completing the usual regulatory approvals, is expected to provide Aldar Properties with a strong source of recurring income based on the high occupancy rates across the First Abu Dhabi Properties portfolio and its strong financial performance in 2022. As part of the transaction, Aldar Properties will benefit from stable growth opportunities from ongoing projects. It will be the exclusive partner for real estate management financed by First Abu Dhabi Bank.
On this occasion, Talal Al-Dhiyebi, CEO of Aldar Properties Group and Chairman of the Board of Directors of Aldar Properties, said: The acquisition of First Abu Dhabi Properties will contribute to expanding the scope of our business to cover a diverse group of managed properties and reaching a broader base of clients in various parts of the Emirates, in addition to benefiting from growth opportunities. and expansion.
For her part, Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said: Through this deal, and through continuing its cooperation with Aldar Properties in the future, First Abu Dhabi Bank looks forward to enriching the real estate service offerings it provides to its clients, allowing them to benefit from new opportunities for growth. We are confident that this partnership will ensure added value for customers, while providing the real estate sector with the best integrated services.
Aldar Properties, a subsidiary of Aldar Properties Group, will continue to accelerate its strategic growth, benefiting from the expansion of its business volume, strong market presence and integration.