The acquisition represents Aldar Estates’ first transaction following its launch as part of Aldar Properties’ new operating model.
The acquisition of Asteco Property Management includes all its branches across Abu Dhabi and Dubai. Upon completion, Aldar Estates will scale up its existing integrated estate management solutions to include building consultancy, valuation and advisory as well as franchising services.
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 wider region as well as 650,000sq m of commercial assets spread across 23 reputable properties. The company also currently manages retail assets of over 600,000sq m Gross Leasable Area (GLA) across 4 shopping malls and 26 retail community destinations in the UAE and wider region.
HP Aengaar, Chief Executive Officer of Aldar Estates, said: “This transaction strengthens Aldar Estates’ position as a world-class estate management firm. The addition of Asteco’s expertise in building consultancy, franchising, valuation and advisory will allow us to deliver holistic services for our clients as well as their properties. That is, while we continue to elevate the customer experience, implement technological innovations and leverage on our digital transformation roadmap to deliver quality tailored services at every stage of the property lifecycle.”
