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Merger and acquisition creates largest privately owned community management company in the UAE
Dubai, UAE - Eltizam Asset Management Group, one of the UAE's leading asset management companies, has today announced that its subsidiary, Three60 Communities, has sealed a merger with Novus Community Management for a new Dubai entity, creating UAE's largest privately owned community management company. The new company has also acquired the assets of Premium Community Management, a strategic acquisition that will further drive the company forward.
The merger and acquisition brings the total number of assets Three60 Communities manages in the UAE to over 80 buildings, including two master communities and more than 20,000 residential units.
Three60 Communities is a full service community management company, and the merger and acquisition are seen as a significant strategic move that will position Three60 Communities as a leader in its industry. This recent expansion falls in line with the company's long-term strategy to grow its operations throughout the UAE and GCC.
Commenting on the merger, Chris Roberts, CEO of Eltizam Asset Management Group, said: "Eltizam has witnessed rapid growth in a short period of time and expanded its operations from our head office, in Abu Dhabi, to opening our Business Bay and Al Barsha offices, in Dubai. This merger represents another major step in our journey to provide the best community management offering in the market, as more UAE residents will be able to benefit from Three60's services and expertise as well as Eltizam's wider family of management and operating companies."
"Eltizam would like to thank RERA for its support, assistance, and guidance in ensuring full compliance and adherence to the rules and regulations required during this agreement," he added.
James Gallon, Partner at PRD Nationwide Real Estate and shareholder in the new merger, offered his comment, saying: "This agreement is another significant step forward for us, and the merger and acquisition are coming at the right time for the company to consolidate a dominant position in the Dubai market."
Commenting on the acquisition of Premium Community Management, the company's CEO, Anthony Kidd, said: "The acquisition by Three60 Communities is something we have been working on for some time, so as to ensure a rewarding situation for both our customers and stakeholders. As an acquisition we will be absorbed into the Three60 brand, where the combination of our portfolio of clients and industry experience will contribute to forming a larger organisation offering improved products and services for clients."
Imad Namrawi, General Manager of Three60 Communities, said: "Three60 Communities' vast experience in managing communities and housing associations in the UAE has culminated in our coming together to create a large and dynamic organisation. This will immediately strengthen our market position and offer improved services to our clients."
According to Three60 Communities' management, the merger and acquisition are expected to have an immediate impact on Eltizam's annual earnings and profitability. It was also indicated that the merger and acquisition will add value, efficiencies, and greater services to an increasing number of clients, and has created the largest privately owned community management company in the UAE.
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About Eltizam Asset Management
Eltizam Asset Management Group is among the leading asset management companies in the UAE, providing strategic investment management services.
Eltizam offers holistic services for clients through our operating subsidiaries Three60 Communities and Tafawuq Facility Management. Tafawuq Facility Management coordinates and oversees the maintenance of all facilities, and tailors solutions to its clients needs.
About Three60 Communities
Three60 Communities is a subsidiary of Eltizam Asset Management Group and manages every aspect of a real estate development to provide a community "beyond the ordinary". As professional managers, Three60 Communities' services are designed with the objective of preserving and enhancing their clients' asset value and to "add life" to the communities they serve. In addition to its community management services, Three60 offers supporting services through Three60 Leisure, Three60 Energy and RE/MAX 360 operations.
RE/MAX 360 is Three60 Communities' partnership with the international RE/MAX company, which offers all aspects of brokerage and property sales, leasing, and portfolio management to individuals and corporate clients.
© Press Release 2016
