The buyer for Union Properties' entire stake in the company will be announced in the next few days
Real estate developer Union Properties is in the final stage of selling its entire stake in cooling service provider Emirates District Cooling (Emicool), the company announced on Tuesday.
According to Union Properties, it has received “several” offers to buy its entire stake from several UAE-based companies, and is currently finalising the necessary legal formalities. The buyer will be announced in the next few days.
“The sale of Union Properties’ stake in Emicool LLC is another important milestone for us, and will contribute to our new strategy to enhance our investments, diversify our revenue streams, expand our business, and venture into new markets,” said Ahmed Yousef Khouri, group CEO of Union Properties.
“At a time when Union Properties is undergoing a new phase of growth, this move further strengthens our focus on core operations, and tapping into new sectors.”
Looking to the future, Khouri said that Union Properties will be focused on the further development of its business in other key sectors.
Emicool provides district cooling for a number of residential, commercial and industrial areas in the UAE, including MotorCity, Dubai Investments Park, Sports City, the Palazzo Versace hotel and Damac Hills.
According to Emicol, it increased its overall productivity 13 percent in 2016 and 18 percent in 2017, and is currently seeking to expand its operational capacity to over 500,000 metric tonnes by 2020.