TASWEEK Real Estate Development and Marketing, an advisor and solutions provider serving the Middle East real estate markets, has signed a Memorandum of Understanding (MoU) forming a assets and property management joint venture with UK-based bespoke chartered surveying practice MERJS Ltd. The new partnership further expands TASWEEK’s property and portfolio management business and enhances its ability to bring best practices to its markets.
Under the terms of the agreement, TASWEEK will be allowed to solicit business opportunities related to assets management, property management and other services offered by MERJS and profitably manage commercial operations under the common supervision of the joint venture.
“Our new partnership with one of London’s leading property firms will enable us to expand our world-class assets and property management services to the UAE. Like TASWEEK, MERJS is run by people who truly understand property. Both our companies are also highly committed to filling niche areas in asset and property management. By consolidating our business strengths we have the opportunity to strategically position ourselves as the UAE’s real estate sector prepares for steady and mature growth in 2011 and beyond,” said masood al awar, CEO, TASWEEK Real Estate Development and Marketing.
MERJS Ltd. is one of London’s leading bespoke chartered surveyors with combined assets under management currently valued at more than AED 11.5 billion and an annual rent roll of over AED 707 million sourced from its more than 2,000 administered tenants in the UK. Among the prestigious properties under MERJS’ management are the Burlington Arcade, Polo Ralph Lauren, Cartier and Mikimoto buildings in Bond street.
The company’s four specialist departments include Property Management, Agency, Investment and Professional Services. These offer a broad range of services such as Active Portfolio Management, Property Asset Management, Lettings & Acquisitions, Investment Sales & Purchases, Building Surveying, and Valuation & Professional Valuation Services.
TASWEEK Real Estate Development and Marketing has over 20 years of innovation and leadership as a one-stop shop for real estate and related services and marketing. It relies on its core competencies of networking and know-how to deliver products and services driven by customer needs and developed to complement prevailing market conditions. The company’s comprehensive service portfolio includes Purchase and Sale of Strategic Assets; Asset Management; Joint Ventures and Strategic Alliances; and Marketing Consultancy. TASWEEK posted a solid 5 per cent increase in shareholders’ equity when it began commercial activities in 2009.