Tasweek Real Estate Development and Marketing, a key provider of property development solutions, has partnered with UK-based property firm MERJS to set up an assets and property management joint venture company.

Tasweek said the new partnership will help bring world-class practices of one of London’s leading bespoke chartered surveyors MERJS to the UAE market and also help expand its property and portfolio management business.

Under the terms of the agreement, Tasweek will be allowed to solicit business opportunities related to assets management, property management and other services offered by MERJS and profitably manage commercial operations under the common supervision of the joint venture.

“Our new partnership with one of London’s leading property firms will enable us to expand our world-class assets and property management services to the UAE,' remarked Masood Al Awar, CEO of Tasweek Real Estate Development and Marketing.

'Like Tasweek, MERJS is run by people who truly understand property. Both our companies are also highly committed to filling niche areas in asset and property management,' he noted.

'By consolidating our business strengths we have the opportunity to strategically position ourselves as the UAE’s real estate sector prepares for steady and mature growth in 2011 and beyond,' he added.

MERJS is one of London’s leading bespoke chartered surveyors with combined assets under management currently valued at more than Dh11.5 billion ($3.13 billion) and an annual rent roll of over Dh707 million sourced from its more than 2,000 administered tenants in the UK.

Among the key properties under MERJS’ management are the Burlington Arcade, Polo Ralph Lauren, Cartier and Mikimoto buildings in Bond street.

Tasweek has over 20 years of innovation and leadership as a one-stop shop for real estate and related services and marketing, said Al Awar.

Its comprehensive service portfolio includes purchase and sale of strategic assets; asset management; joint ventures and strategic alliances; and marketing consultancy, he added.-TradeArabia News Service