Aldar Properties acquires majority stake in UAE-based Basatin

By Shilpa Annie Joseph, Official Reporter
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Aldar Properties has acquired the UAE-based premium landscaping services provider Basatin Landscaping as part of its drive to further scale up and broaden its integrated property and facilities management platform, Aldar Estates.

Through this transaction, which is valued at $40 million (Dhs150 million), the company will hold a majority stake of 75 percent in Basatin with the remaining 25 percent held by a strategic partner.

Basatin has over 1,000 employees and has provided landscaping services for key clients in the UAE, including the Department of Municipalities and Transport and Expo 2020.

Jassem Saleh Busaibe
Jassem Saleh Busaibe
CEO – Aldar Investment

“Our investment business continues to grow at pace and building scale across our Aldar Estates platform is an integral part of our strategic growth agenda. The addition of new complementary services to the platform is significant as we build out an offering that is becoming a one-stop shop for our clients. We will continue to explore opportunities to further expand Aldar Estates’ capabilities to better service Aldar’s own residential communities and assets under management, as well as the many customers that we serve across the region.”

Aldar Estates brings together a range of service providers including property management company Provis, real estate services company Asteco, facilities management firm Khidmah, green building enabler Pactive Sustainable Solutions and security services provider Spark Security.

The transaction complements the services already provided through the Aldar Estates platform, which is a key operating segment under the Aldar Investment business.

According to the statement, the platform has been expanding rapidly, supported by solid organic growth and a number of acquisitions over the last year. This transaction adds significant weight to the capabilities of Aldar Estates, enabling it to provide a more holistic range of services to Aldar’s growing customer base.

Related: Aldar Investment Properties raises $500mn via inaugural green sukuk