Abu Dhabi-based property development company Aldar Properties has fully acquired the UAE-based leading manned guarding security services provider Spark Security Services through an all-cash transaction for $34 million (AED 125 million).
The transaction strengthens Aldar’s property and integrated facilities management platform to deliver a broader offering to customers, ranging from sales, leasing, property management, consultancy services, valuation advisory, hard and soft real estate maintenance, and energy management.
Furthermore, these services will add significant value to Aldar’s $6.3 billion (AED 23 billion) portfolio of prime property across retail, residential, commercial, and logistics segments, in addition to an expanding roster of notable third-party clients across the region.
“Building scale and capability in our property and integrated facilities management platform is integral to Aldar’s strategic transformation program, and we are pleased to add Spark Security to our portfolio of highly professional service providers. There are strong synergies with our current operations, with Spark providing security expertise across our fast-growing portfolio of real estate assets. We also see the high potential to expand third-party client services as economic diversification gathers pace and the UAE hosts more major events.”
The company noted that the property and integrated facilities management platform is part of the Aldar Investment business division and brings together a range of service providers including facilities management firm Khidmah and property management companies Provis and Asteco.
Mr. Al Anood Abdulla Al Mulla, Chief Executive Officer at Spark Security, said that, “This acquisition marks a significant milestone for Spark Security as we look to take our business to the next level and broaden our customer base across the UAE and wider region.”
“We are excited that Aldar, a long-standing partner, has made this investment to support our growth strategy, opening opportunities for us within its extensive portfolio of operating assets and supporting new business development. We look forward to being part of Aldar’s ambitious growth plans and contributing to the success of its integrated property and facilities management platform,” Mr. Al Mulla added.