Aldar Estates, a subsidiary of Abu Dhabi’s largest developer Aldar Properties, has acquired real estate services firm Asteco Property Management and all its branches in Dubai and the UAE capital.

The acquisition represents Aldar Estates’ first transaction following its launch as part of the state-backed builder’s new operating model that enables it to manage assets of Aldar Investment and third-party companies.

With the deal, Aldar Estates becomes one of the largest estate management companies in the UAE and the region with a portfolio of 60,000 residential units, 600,000 square metres of gross leasable area in retail assets and 650,000 square metres of commercial assets.

“This major acquisition transaction, together with the significant consolidation bringing in the retail operations, firmly positions Aldar Estates as the largest estate management firm in the UAE and the region,” said Jassem Saleh, Busaibe, chairman of Aldar Estates and chief executive officer at Aldar Investment.

“The company has become a key part of the Aldar Properties offering customers and is steadily increasing its contribution to Aldar’s financial performance,” said Busaibe.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com 

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