UAE’s Aldar Estates acquires Asteco Property Management

Aldar Estates has acquired the full-service real estate services company Asteco Property Management and all its branches across Abu Dhabi and Dubai last week.

Aldar Estates will through the acquisition scale up its existing integrated estate management solutions to include building consultancy, valuation and advisory as well as franchising services, it said in a press statement.

Following the acquisition of Asteco, Aldar Estates now manages more than 32,000 units under property management and nearly 28,000 units under owners’ association management in the UAE and the region, as well as 650,000 square metres of commercial assets spread across 23 properties.

The company also currently manages retail assets of over 600,000 square metres of Gross Leasable Area (GLA) across four shopping malls and 26 retail community destinations.

Landmark properties currently under Aldar’s management in Abu Dhabi, Dubai and Al Ain include Yas Mall, Al Jimi Mall, Gate & Arc Towers, Sun & Sky Towers, Alghadeer, Al Gurm, World Trade Center, Aldar HQ, ADCB Head Office, Rolex Tower, Sama Tower, Swiss Tower and many more.

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

Elaine Jones, founder and advisor at Asteco, added: “Since its inception over 35 years ago, Asteco has built a solid reputation for consistently delivering high quality, professional, value-added services in a transparent manner. With the combined expertise that Aldar Estates brings, we are sure that our offering will be stronger than ever, add more value to our clients and continue supporting the real-estate sector with cost-effective, eco-friendly, and technology-driven services.”

Aldar Estates has now expanded its portfolio by an additional 18,575 units under property management and more than 5,000 units under owner association management.

The company expects to benefit from a revenue stream arising from the the sales, leasing, valuation advisory and building consultancy, investment advisory and licensing business segments.

Last month Aldar Properties established independent arms Aldar Investment and Aldar Development as part of its new operating model.

Aldar Investment and Aldar Development will be led by their own CEOs – Jassem Busaibe and Jonathan Emery, respectively

Read: Abu Dhabi’s Aldar Properties announces new operating model to drive growth

Aldar Estates will consolidate Aldar’s retail operations alongside existing residential and commercial real estate operations within Provis and will further include community management under one integrated property management platform.