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Abu Dhabi-based real estate developer Aldar Properties has joined forces with International Holding Company and ADNEC Group to create the region's largest property and facilities management company.
IHC and ADNEC Group, a subsidiary of the investment holding company ADQ, will merge their jointly owned property and facilities management businesses, Eltizam Asset Management Group, within the Aldar Estates platform.
The merger will see IHC and ADNEC Group become strategic shareholders in Aldar Estates, with Aldar retaining a majority stake and control of the combined platform, the developer, which is listed on the Abu Dhabi's ADX exchange, said in a regulatory filing on Tuesday.
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 1 million sqm, and facilities management contracts valued at approximately 2.5 billion dirhams ($681 million).
The platform will also target new strategic opportunities, it added.
(Writing by Brinda Darasha; editing by Seban Scaria)
