Aldar, IHC and Adnec team up to create property and facilities management giant
Aldar, IHC and Adnec are set to team up to form a new property and facilities management giant with a portfolio of 135,000 properties in the region.
Eltizam Asset Management Group, which is jointly owned by IHC and ADNEC Group, will merge with Aldar Estates.
Aldar will hold a majority stake and retain control of Aldar Estates with the remaining shareholding held equally between IHC and Adnec Group.
Aldar, IHC and Adnec partnership
The merger will see Aldar Estates become a national champion in property and facilities management with potential for further expansion across the region.
The transaction adds considerable weight to Aldar Estates, taking its portfolio of residential units under management from 77,000 to approximately 135,000.
Over the past 12 months Aldar Estates has broadened its suite of services, while adding significant scale to both Provis and Khidmah – which form an integral part of the platform.
During 2023, Aldar Estates completed the acquisition of Basatin Landscaping Services, which complemented the acquisitions made in 2022, including Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, and SAGA International Owner Association Management Services.
By consolidating IHC’s and ADNEC’s property and facilities management businesses within the Estates business, the platform will gain significant scale to drive its strategic and competitive strengths, leveraging operational and revenue synergies as well as its expanded strategic investor base to accelerate its growth across the UAE and the wider region.
The platform will enhance its customer service across its larger client base, provide an even more integrated offering across its expanded suite of services while embracing digital advancements, driving innovation and promoting sustainability across its portfolio.
The enhanced platform will manage a portfolio of residential properties totalling approximately 135,000 units, prime retail and commercial spaces with Gross Leasable Area of more than 1million sq m, and facilities management contracts valued at approximately AED2.5bn.
In addition, it will offer its clients a full suite of complementary capabilities including professional services, security services, landscaping, and energy management.
The platform will also target new strategic opportunities, solidifying its leading position in the region’s property and facility management industry.
As a key operating segment under the investment business, the Estates branch expanded platform will contribute significantly to the company’s transformational growth agenda and continue to be a focal service point for the real estate offerings in the market.
This article is originally published on: www.arabianbusiness.com
