Facilities Management Company Expands Services with Significant Deal

ServeU, a subsidiary of Union Properties, has acquired House Keeping LLC and its related entities for Dh100 million. This strategic move significantly bolsters ServeU's position as a leading integrated facilities management provider in the UAE. The acquisition brings in a specialized team of housekeeping professionals and nearly 8,700 domestic workers. House Keeping LLC reported Dh221.1 million in revenue and Dh21.4 million in EBITDA for FY2024.

Under the agreement, House Keeping LLC will maintain its brand identity while operating under ServeU's ownership. This acquisition is projected to increase ServeU's top-line revenue by approximately 23% and boost EBITDA by 33% starting from Q3 2025. According to Eng. Amer Khansaheb, CEO of Union Properties, this acquisition is a crucial step in their long-term growth strategy, enhancing ServeU's operational capacity and commitment to people-centric solutions.

Union Properties is undergoing a broader transformation, with a 44% year-on-year increase in gross profit to Dh75.6 million for H1 2025. However, net profit decreased to Dh14.5 million due to investments in infrastructure. The company plans to repay Dh130 million in bank debt in Q3 2025 and has secured a conditional Dh700 million sale agreement for a real estate asset.

This acquisition aligns with Union Properties' strategy to expand recurring revenue and improve operational efficiency. The integration is expected to leverage ServeU's existing infrastructure and partnerships.