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First Abu Dhabi Bank (FAB) has signed an agreement with Abu Dhabi-based real estate developer Aldar Properties for the sale of FAB Properties to Aldar Estates.
The Abu Dhabi Securities Exchange-listed lender said in a regulatory filing on Monday that the transaction is not expected to have a material impact on its financial performance for 2023. It did not disclose the financial terms of the transaction.
In a separate statement, Aldar Estates said the transaction will integrate a property management portfolio of 22,000 residential units across 600 properties within the UAE.
Talal Al Dhiyebi, Group CEO of Aldar and Chairman of Aldar Estates said: “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.”
In July this year, International Holding Company (IHC) and ADNEC Group become strategic shareholders in Aldar Estates, with Aldar retaining a majority stake and control of the combined platform, to create the region's largest property and facilities management company.
As part of the agreement, Eltizam Asset Management Group, a property and facilities management services company that operates across the GCC and is jointly owned by IHC and ADNEC Group , merged with Aldar Estates.
(Writing by Brinda Darasha; editing by Seban Scaria)