Abu Dhabi - Mubasher: Aldar Properties increased its ownership in the Aldar Estates platform, the region’s largest integrated real estate services company, with over AED 3 billion worth of active contracts
The group acquired Modon Holding’s 17.45% indirect stake in the business, bringing its shareholding to 82.55%, according to a press release.
The sale does not include Modon Holding’s own property and facilities management services, which are managed as part of Modon Communities, and will continue to expand independently as part of the Modon group.
Jassem Salah Busaibe, CEO of Aldar Investment, commented: “Supported by Aldar’s development pipeline, an expanding portfolio of investment properties, and a growing base of third-party clients, the business is well positioned to scale further, capture new opportunities in the real estate services market, and deliver long-term value to communities, clients and shareholders.”
Aldar Estates manages over 155,000 residential units, higher by 15% when compared to the past two years. It has doubled prime retail and commercial leasable space under management to two million sqm in the same period.
Last year, the business increased revenue to AED 2.60 billion and EBITDA to AED 400 million, contributing to Aldar’s strategy of expanding diversified recurring income streams.
The platform was formed in 2023 from the combined property management operations of Aldar, IHC, and ADNEC Group, before ADNEC Group’s acquisition by Modon Holding in February 2024.
