Abu Dhabi – Mubasher: Aldar Estates, part of Aldar Properties, has acquired FAB Properties in line with its plans to expand its portfolio, according to a press release.

Following the transaction, Aldar Estates will hold a property management portfolio of 22,000 residential units across 600 properties within its expanding platform in the UAE.

The acquisition deal follows Aldar Estates’ recent merger with Eltizam Asset Management Group.

Meanwhile, the platform will comprise a total of 157,000 residential units under management, prime retail, and commercial spaces across a total gross leasable area (GLA) of more than 1 million. Additionally, the facilities management contracts are valued at nearly AED 2.50 billion.

After obtaining regulatory approvals, the transaction is expected to provide a solid vein of recurring income to the Aldar Estates platform based on the strong occupancy across the FAB Properties portfolio and its robust 2022 financial performance.

Talal Al Dhiyebi, Group CEO of Aldar and Chairman of Aldar Estates, said: “Aldar Estates has emerged as the regional leader in property and facilities management through transformative acquisitions in the past 12 months.

“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,” Al Dhiyebi continued.

Hana Al Rostamani, Group CEO of FAB, commented: “Through this transaction and future collaborations with Aldar Estates, FAB will further enhance the property services offering available to our clients, while creating new opportunities to support their growth.”

In the first half (H1) of 2023, the net profits attributable to the owners of the ADX-listed firm hit AED 1.92 billion, compared to AED 1.47 billion in H1-22.