Aldar subsidiary buys FAB’s property management unit

Wam

Aldar Estates, the property and facilities management arm of Aldar Properties, has acquired FAB Properties, the property management services unit of First Abu Dhabi Bank (FAB).

The deal will see the Abu Dhabi-listed developer’s subsidiary manage 22,000 residential units across 600 properties in the UAE.

The acquisition of FAB Properties follows the merger of Eltizam Asset Management Group, owned by International Holding Company and Adnec Group, with Aldar Estates.

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The combined platform will comprise 157,000 residential units under management, prime retail and commercial spaces across a total gross leasable area of more than one million and facilities management contracts valued at AED2.5 billion ($680.64 million).

Talal Al Dhiyebi, group CEO of Aldar and chairman of Aldar Estates, said: “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.”

The transaction is subject to regulatory approvals. 

Established in 2011, FAB Properties offers end-to-end real-estate solutions, including marketing, leasing, facility management and financial reporting.