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UAE's Aldar Estates acquires Asteco Property Management


UAE’s Aldar Estates acquires Asteco Property Management
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UAE’s Aldar Estates acquires Asteco Property Management
Aldar Estates now manages more than 32,000 units under property management and nearly 28,000 units under owners’ association management
February 14, 2021
Aldar Estates has acquired the full-service real estate services company Asteco Property Management and all its branches across Abu Dhabi and Dubai last week.
Aldar Estates will through the acquisition scale up its existing integrated estate management solutions to include building consultancy, valuation and advisory as well as franchising services, it said in a press statement. ....

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Aldar Properties reports 28% jump in Q4 net profit on higher revenue


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Aldar Properties, the UAE’s biggest listed developer, reported a 28 per cent increase in its fourth-quarter net profit on the back of higher revenue.
Net profit for the three months to December 31, 2020, jumped to Dh729 million, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. Revenue grew 19 per cent to Dh2.53 billion.
“Aldar’s powerful performance in 2020 has set the tone for a new phase of sustainable growth,” Talal Al Dhiyebi, group chief executive of Aldar Properties, said.
“We have adopted a new operating model to propel the company to the next level in terms of scale and breadth of activity and to meet our ambitious sustainability targets. This will involve a major programme to accelerate the recycling of capital and to invest in expansion.” ....

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Aldar Estates acquires realty management firm


Aldar Estates acquires realty management firm
12 Feb 2021
Picture used for illustrative purpose.
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 estat ....

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