Abu Dhabi: Aldar Estates expands portfolio, acquires FAB Properties

Aldar Estates, the integrated property and facilities management company and subsidiary of Aldar Properties, has expanded its portfolio with the acquisition of FAB Properties.

Established in 2011, FAB Properties, a subsidiary of First Abu Dhabi Bank (FAB), specialises in end-to-end real-estate solutions, ranging from marketing, leasing, facility management and financial reporting.

It manages approximately 22,000 units across 600 properties. 

Aldar Estates is focused on expansion

The acquisition of FAB Properties, follows the recent announcement of Aldar Estates’ merger with Eltizam Asset Management Group, adding bolstering Aldar Estates’ portfolio.

The platform will now comprise a total of 157,000 residential units under management, prime retail, and commercial spaces across a total gross leasable area (GLA) of more than one million, and facilities management contracts valued at approximately Dhs2.5bn.

The transaction, following regulatory approvals, is expected to provide a source of recurring income to the Aldar Estates platform based on the strong occupancy across the FAB Properties portfolio and its strong financial performance in 2022. 

As part of the agreement, Aldar Estates will also benefit from a stable growth pipeline as the exclusive property management partner for properties financed by FAB.

The company will continue to leverage scale, reach, and the synergies across its enlarged platform to drive its strategic and accelerated growth.

Talal Al Dhiyebi, group CEO of Aldar and chairman of Aldar Estates said: “The company has emerged as the regional leader in property and facilities management through transformative acquisitions in the past 12 months.

“The acquisition of FAB Properties adds further scale to our business through a diverse portfolio of properties under management and access to a broader client base across the UAE, with room for further growth.”

Hana Al Rostamani, group CEO of FAB, said that through this transaction and future collaborations, “FAB will further enhance the property services offering available to our clients, while creating new opportunities to support their growth”.