As part of a strategic move to enhance its capital structure, Union Properties has successfully sold over AED500 million ($136.15 million) worth of land.
In a filing with Dubai Financial Market (DFM), the company hailed the sale as “a significant milestone in the company’s turnaround strategy”.
Amer Khansaheb, Board Member and Managing Director of Union Properties said: “This milestone represents a vital stage in our journey of expansion, affirming our dedication to ensuring significant value for our stakeholders and benefitting from strategic opportunities within the market.
“The successful sale of lands exceeding AED500 million reflects our belief in the strength of our portfolio and our ability to generate sustainable returns.
“We are planning more strategic divestments as we navigate the dynamic market landscape. In line with the five-year strategy we set in 2023, we will retain approximately 10 million sqft of GFA (gross floor area) from our current portfolio for self-development. These efforts will pave the way to fostering sustainable growth.”
Union Properties is currently in the process of studying additional offers on its assets worth more than AED1.2 billion ($330 million) in cash sale, which will set the company for a strong and sustained period of growth.
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