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Aldar Estates consolidates through Asteco Property ManagementMENA

Aldar Estates consolidates through Asteco Property Management

Aldar Estates (ALDAR) has acquired Asteco Property Management, giving it access to Asteco’s real estate management solutions, which include building consultancy, property appraisal, and franchising services. Seems like a one-stop-shop strategy for all things property!

The acquisition brings Aldar Estate’s total units under management to over 32,000. The company also manages more than 600,000 sqm of retail space, across four shopping malls, in the gulf region.

This news has sent shares of Aldar Estate up to AED 3.73.

why it matters
Aldar has ambitions beyond real estate, having established Aldar Investment and Aldar Development last month. The former is now responsible for Aldar’s core asset management business and is focused on maximizing the value of the company’s and its clients' portfolios.