Union Properties' subsidiary ServeU acquires House Keeping and its subsidiary
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With a workforce exceeding 8,900 employees, ServeU manages a diverse portfolio of residential communities, commercial complexes, government entities, and hospitality facilities
Union Properties, through its subsidiary ServeU has made a strategic acquisition of House Keeping and House Keeping Domestic Workers, including their subsidiary. This deal is valued at US $27.2mn.
The acquisition further solidifies ServeU's position as one of the UAE's trusted FM service providers. With a workforce exceeding 8,900 employees, ServeU manages a diverse portfolio of residential communities, commercial complexes, government entities, and hospitality facilities, said a statement.
The company remains dedicated to enhancing its operational capabilities through ongoing investments in innovation, sustainability, and service excellence to meet the ever-changing demands of the market.
Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC said, 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.'
House Keeping is said to be the UAE's second-largest provider in the housekeeping segment, and boasts a broad portfolio, deep domain expertise, and healthy client network. With a dedicated workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping has consistently demonstrated strong performance, the statement added.
For the year 2024, the company recorded revenues of $60.15mn and an EBITDA of $5.83mn, these financial results align with ServeU's strategic priorities, which revolve around delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities.
Under the terms of the acquisition, House Keeping and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. This alliance is anticipated to have a positive impact on ServeU's financial results, starting from August 2025, the statement continued.
It is projected to contribute around 23% to ServeU's revenue and boost its EBITDA by 33%. This model ensures seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships.
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