Provis expands OA portfolio through acquisition of Mace Macro OA unit
Acquisition sees Provis’ OA portfolio expand to 32,000 units
Full service real estate firm Provis has announced that it has acquired Mace Macro (Mace) Group’s Owners Association business. The move adds approximately 4,000 new units to Provis’ Owners’ Association (OA) portfolio.
As a result of the acquisition, the firm now manages nearly 32,000 units under OA, the firm said. The formerly Mace Macro managed units are in Jumeirah Lake Towers Cluster E, Jumeirah Lake Towers Cluster O, Business Bay, Burj Khalifa District – Downtown Dubai, Motor City and Dubai Landline Residence Complex, a statement from Provis explained.
“Starting 2022 with this strategic expansion is a testament to our carefully planned growth plans and enables us to ensure more owners and residents benefit from world-class, high impact and consistent real estate solutions. Acquiring Mace Macro’s OA division cements Provis’ position as the leading full-service real estate company in the region, and significantly increases our presence in Dubai,” said HP Aengaar, CEO at Provis.
According to the statement, in January 2021, Provis assumed the responsibility of managing both Aldar Properties’ retail operations and the operations of Asteco Property Management Company, expanding its offering to include retail operations, valuation and advisory, as well as franchising and becoming the largest full-service real-estate company in the Middle East.
Today Provis is said to manage over 25,000 units under property management and nearly 32,000 units under owners’ association management in the UAE and wider region and manages over one million sqm of assets, spread across 23 reputable commercial buildings. The company also manage over 600,000sqm of Gross Leasable Area (GLA) of retail assets across four shopping malls and 26 retail community destinations and supervises and manages more than one billion dirhams in facilities management contracts covering over 3,000 assets across the UAE, the statement concluded.
