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real estateOctober 8, 2020

Union Properties announces $133m capital hike completion


Union Properties, a leading real estate development company in the UAE, has announced that it has completed the capital increase of three of its subsidiaries - Dubai Autodrome, ServeU and The FitOut - thus taking its total to AED490 million ($133 million).

A major player in the residential and entertainment project sector in the UAE, Union Properties is the main developer of Dubai Motor City.

The Emirati company said its main objective was to reveal its assets and subsidiaries, which reflected fruitfully, as the company recently received an offer of AED400 million to acquire a stake in the subsidiary Dubai Autodrome.

Chairman Khalifa Hasan Al Hammadi said Union Properties' board of directors had previously taken a decision to convert a number of its subsidiaries into private joint stock companies as an advance step in preparation for their listing on the financial market.

'These companies operate in vital areas capable of attracting investments or cash flows, whether through listing, acquisition or sales of shares,' noted Al Hammadi.

Al Hammadi pointed out that Union Properties had a clear strategic vision and was pursuing it to ensure the future of the company.

'We constantly study the real estate market and follow its indicators, and it does not hesitate to seize any valuable real estate opportunity in the market in order to achieve future value for these assets,' he added.

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