UAE-based estate management company Aldar Estates has acquired the award-winning full-service real estate management company Asteco Property Management and all its branches across Abu Dhabi and Dubai.
The newly established Aldar Estates has consolidated the retail operations of the region’s leading property development company Aldar Properties, alongside current residential and commercial real estate operations managed by Provis Estate Management.
Through Asteco’s acquisition, Aldar Estates has increased its portfolio by an additional 18,575 units under property management and more than 5,000 units under ownership association management. The firm also expects to benefit from a diversified and steady revenue stream from the sales, leasing, valuation advisory and building consultancy, investment advisory, and licensing business segments.
Furthermore, the company said in a statement that it will extend its current integrated property management solutions to include building consultancy, valuation, and consulting, along with franchising services.
HP Aengaar, CEO 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.”
“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.”
“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,” commented Elaine Jones, founder, and advisor at Asteco.