Leading Abu Dhabi developer Aldar Properties has acquired Basatin Landscaping as part of its drive to further scale up and broaden its integrated property and facilities management platform, Aldar Estates.
Basatin is a major provider of a wide range of landscaping services, including design, installation, paving, gardening, and green waste disposal.
Through this transaction, valued at AED150 million ($41 million), Aldar will hold a majority stake of 75% in Basatin, with the remaining 25% held by a strategic partner.
According to Aldar, the deal complements the services already provided through the Aldar Estates platform, a key operating segment under the Aldar Investment business.
The platform has been expanding rapidly, supported by solid organic growth and a number of acquisitions over the last year, it stated.
On the acquisition, Jassem Saleh Busaibe, Chief Executive Officer at Aldar Investment, said: "Our investment business continues to grow at pace and building scale across our Aldar Estates platform is an integral part of our strategic growth agenda."
"Adding new complementary services to the platform is significant as we build out an offering that is becoming a one-stop shop for our clients," he noted.
This transaction adds significant weight to the capabilities of Aldar Estates, enabling it to provide a more holistic range of services to Aldar’s growing customer base.
Aldar Estates brings together a range of service providers, including property management company Provis, real estate services company Asteco, facilities management firm Khidmah, green building enabler Pactive Sustainable Solutions and security services provider Spark Security, he added.-TradeArabia News Service