ADX-listed Aldar Properties tightened its grip on real estate services unit Aldar Estates after acquiring Modon Holding’s 17.45% indirect stake in the business, taking its total ownership stake to 82.55%, it said in a statement (pdf). Aldar Estates falls under the Aldar Investment platform, which manages an AED 47 bn portfolio of income-generating assets. Information about the value of the transaction wasn’t disclosed.

Aldar Estates has been firing on all cylinders: In the past two years, Aldar Estates ramped up the number of residential units under management by 15% to 155k, while doubling prime retail and commercial leasable space to 2 mn sqm. The platform now manages more than AED 3 bn worth of active contracts.

What they said: “Aldar Estates is on a strong growth trajectory, driven by rising demand for facilities management, property management, and community services,” said Jassem Salah Busaibe, CEO of Aldar Investment.

Aldar Properties has been raising capital for expansion: The firm just this week returned to the debt market with the reopening of two of its outstanding green sukuk — issued earlier in March — in a bid to raise USD 290 mn. It also closed a record AED 9 bn sustainability-linked revolving credit facility in January, the largest syndicated loan of its kind secured by a MENA developer.

Market reax: Aldar Properties’ share price shed 1.7% to AED 9.5 at yesterday’s close.

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