By Staff writer
Investment firm announces the acquisition of a 20% additional stake in Properties Investments
Dubai Investments has announced the acquisition of a 20 percent additional stake in Properties Investments (PI), a joint venture of Dubai Investments and Union Properties.
The company said in a statement that the deal is valued at AED98 million ($26.6 million) and with the new acquisition, Dubai Investments will hold a majority 70 percent stake in PI.
The additional stake is aimed at consolidating PI's operational efficiency and broadening its real estate and investment portfolio, the statement added.
PI, established in 2002, is mainly involved in developing residential and recreational projects, which includes the Green Community and Courtyard by Marriott within Dubai Investments Park.
Khalid Bin Kalban, managing director and CEO of Dubai Investments, said: "Dubai Investments' stake increase in Properties Investments is focused on leveraging the company's expertise in the UAE real estate sector.
"In spite of challenging macro-economic conditions, we are optimistic of the real estate sector's long-term growth potential and Properties Investments' ability to execute iconic projects."
Construction of Phase 3 of the Green Community, comprising 226 units - 210 town houses, 16 duplex apartments and retail space - is currently under way and expected to be completed by the middle of next year.
This will add to the 1,555 residential units that were developed during the first two phases of the Green Community - 719 in phase one and 836 in phase two.