By Rania Oteify
Chairman denies merger plans with Deyaar, says acquisition could be option.
Dubai's Union Properties agreed with creditors to reschedule AED5.5 billion ($1.5 billion) in debt, its chairman told an Arabic daily on Sunday.
The third-largest developer by market value in the Gulf emirate has been hit hard by the financial downturn heightening concerns over its debt position.
In an interview with al-Ittihad, Kahlid bin Kalban denied any talks of merger between Union Properties and Deyaar, but added an acquisition could be a solution if liquidity is available for either company.
Kalban told Reuters on Wednesday he expected the firm's fourth-quarter operating profit to be about AED200 million before taking provisions and full-year about AED450 million. (Reuters)