- 36 residential and commercial buildings valued at more than AED 2.3 billion at Al Raha Beach and Khalifa City
Asteco Property Management, a leading real estate service company has announced a significant expansion of its footprint in Abu Dhabi. The multidisciplinary real estate service is providing property management services for an additional 36 residential and commercial buildings located in Al Raha Beach area and Khalifa City and valued at more than AED 2.3 billion. As a result, Asteco will now manage a total of 30,000 units under property management, solidifying its market position as one of the Middle East's leading full-service real estate companies.
HP Aengaar, CEO at Asteco, said, “Asteco has been present in Abu Dhabi for thirty-seven years, building a strong portfolio of properties under management. Our new appointment significantly expands our portfolio, strengthening Asteco’s market share in the capital. This represents a significant step forward towards our larger growth and expansion strategy and is a tangible demonstration of our stakeholders' trust in the firm.
As part of the scope, Asteco will provide property and facility management solutions, procurement administration, leasing, and overarching advisory services. The comprehensive suite will ensure that the properties are managed to maximise stakeholder returns while keeping tenants' needs and happiness as a top priority.
In January 2021, Provis acquired Asteco and all its branches across Abu Dhabi, Dubai, Al Ain, and Northern Emirates, scaling up its existing integrated estate management proposition and value-added services to include building consultancy, valuation and advisory as well as franchising services.
Asteco manages nearly 30,000 units under property management in the UAE and the wider region. Asteco manages over 5.3 million square ft of commercial space, has sold over 10,000 units and leased more than 500 projects across the UAE.
