PHOTO
The Abu Dhabi-listed Aldar Properties has snapped up Modon Holding’s entire 17.45% indirect shareholding in Aldar Estates, held through Modon’s wholly owned subsidiary ADNEC Group.
Following the sale, Aldar Properties will remain the majority shareholder in Aldar Estates by increasing its ownership to 82.55%.
Financial details of the transaction have not been disclosed.
Aldar Properties said the move was driven by the rising demand for facilities management, property management, and community services, which would support Aldar’s own development pipeline.
The sale does not include Modon’s own property and facilities management operations, which are managed as part of Modon Communities.
Aldar Estates’ core businesses include: real estate, asset management, events, catering and tourism, and hospitality. The holding company was formed in 2023 from the combined property management operations of Aldar, IHC, and ADNEC Group, prior to ADNEC Group’s acquisition by Modon in February 2024.
The integrated real estate services company has over 3 billion UAE dirhams ($817 million) worth of active contracts, with the platform managing more than 155,000 residential units, according to Aldar Properties.
(Writing by Bindu Rai, editing by Seban Scaria)
