Dubai: UAE’s real estate marketplace is witnessing transactions other than the buying or renting of homes.
Dubai-based Asteco Property Management has been bought by Provis, part of Abu Dhabi’s Aldar Properties portfolio. For Provis, this agreement will stretch its base further in Dubai, with Asteco handling multiple high-profile buildings on Shaikh Zayed Road, JLT, and elsewhere.
The cost of the transaction has not been provided.
“After this acquisition, Provis will now be managing a total of over 32,000 units under property management and nearly 28,000 units under owners’ association (OA) management in the UAE and wider region,” said a note.
Asteco’s property management arm was connected to its core selling and renting operations and then came up as quite a significant revenue generator over the years.
Aldar also owns Khidmah, which is also into property management services bought Asteco’s property.