The Abu Dhabi office of Hines, the international real estate firm, along with Abu Dhabi National Property Company PJSC (ADNP), the real estate arm and subsidiary of the National Bank of Abu Dhabi (NBAD), announced at the recent Abu Dhabi Investment Forum in London, the formation of a strategic alliance to become the UAE's premier commercial and mixed-use property manager for select real estate projects in the Middle East.
Hines/ADNP will bring a world-class property management standard to the region, initially targeting commercial real estate in Abu Dhabi and Dubai to meet the high demand for professional property management in the UAE and other GCC countries. The alliance will deliver a full range of value-creating property management services at the strategic, tactical and operational levels to institutional owners, high-net-worth individuals and banks involved in real estate.
ADNP is one of the primary real estate property management companies in Abu Dhabi, with a current portfolio of over 8,000 units under management. In addition to providing first-class property management services, ADNP undertakes extensive in-house and external real estate valuation and advisory services.
Hines has managed investment-grade properties for more than half a century and currently is responsible for more than 11 million m² of property around the world.
"ADNP is very keen on working in partnership with the best-in-class, and in this regard we are delighted to have Hines, a prestigious name in property management, as a partner in this new initiative," said ADNP General Manager Graham Hallett. "The combination of ADNP's extensive local market expertise and Hines's execution and operating track record will undoubtedly result in superior asset performance. Institutional owners are looking for ways to mitigate risk while adding value to their assets, and we intend to provide a menu of effective solutions," he added.
"The guiding principles of our platform are quality, integrity and sustainability. We want to be the best-in-class 'one stop shop' for real estate owners. Better management results in higher tenant satisfaction which directly affects occupancy and long-term asset value," said Jurgen Herre, managing director of Hines' MENA Region. "We are proud that we can provide our experience and international track record to the urban fabric and economy of Abu Dhabi, and can contribute to transforming the 2030 plan into reality," he added.
Hines/ADNP will soon officially announce their first engagement.
Source: Hines
