Aldar Estates acquires realty management firm – GulfToday

Aldar Estates acquires realty management firm – GulfToday

Aldar Estates, a recently established estate management company that consolidated Aldar Properties' retail operations alongside existing residential and commercial real estate operations managed by 'Provis Estate Management', has acquired the award-winning full-service real estate services company Asteco Property Management and all its branches across Abu Dhabi and Dubai. Through the acquisition, Aldar Estates will scale up its existing integrated estate management solutions to include building consultancy, valuation and advisory as well as franchising services. Jassem Saleh Busaibe, Chairman of Aldar Estates and Chief Executive Officer at Aldar Investment, 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. 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."Following the acquisition of Asteco, Aldar Estates now manages more than 32, 000 units under property management and nearly 28, 000 units under owners' association management in the UAE and wider region as well as 650, 000 sqm of commercial assets spread across 23 reputable properties. The company also currently manages retail assets of over 600, 000 sqm