Abu Dhabi Based Aldar Unit Acquires FAB Properties In UAE Expansion Push
As Abu Dhabi's largest listed developer continues to extend its portfolio in the country, an Aldar Properties unit has purchased FAB Properties, which provides property management services. Aldar Estates will incorporate a property management portfolio of 22,000 residential units across 600 properties into its expanding platform in the UAE as part of the agreement.
“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,” said Talal Al Dhiyebi, group chief executive of Aldar and chairman of Aldar Estates.
The transaction is expected to boost Aldar Estates' recurring revenue due to excellent occupancy throughout the FAB Properties portfolio and its "robust" 2022 financial performance, subject to regulatory approvals.
Aldar Estates will also benefit from a "stable" expansion pipeline as the exclusive property management partner for FAB-financed developments, according to the business. FAB Properties, a subsidiary of the UAE's largest lender, First Abu Dhabi Bank, was established in 2011.
It specializes in full-service real estate solutions such as marketing, leasing, facility management, and financial reporting. The sale is part of FAB Group's goal to "leverage strategic partnerships to create value and enhance specialized service offerings," according to the lender.
The deal is not expected to have a major impact on the group's financial performance in 2023, according to the company.