Abu Dhabi – Mubasher: Aldar Estates, a subsidiary of Aldar Investment, has acquired Asteco Property Management, a real estate services company, and all its branches in Abu Dhabi and Dubai.

The acquisition will enable Aldar Estates to expand its existing integrated estate management solutions to involve building consultancy, valuation, and advisory and franchising services, according to a press release on Thursday.

 Following the acquisition, Aldar Estates now operates over 32,000 units under property management and around 28,000 units under owners’ association management in the UAE and wider region.

Moreover, the company manages 650,000 sqm of commercial assets across 23 properties, retail assets of more than 600,000 sqm Gross Leasable Area (GLA) in four shopping malls, and 26 retail community destinations in the UAE and wider region.

The company is also expected to generate a diversified revenue stream from the sales, leasing, valuation advisory, building consultancy, investment advisory, and licensing business segments.

Commenting on the acquisition, the Chairman of Aldar Estates and CEO at Aldar Investment, Jassem Saleh Busaibe, said: "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."

Meanwhile, the CEO of Aldar Estates, HP Aengaar, commented: "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."

 It is noteworthy to mention that in early February 2021, Aldar Properties launched a new group operating model, supported by Aldar Development and Aldar Investment which were established as independent companies and led by their own CEOs.