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4/3/24, 9:29 AM Union Properties repays $78.9mn of debt in the first quarter - Arabian Business
Union Properties repays
$78.9mn of debt in the first
quarter
The real estate company intends to repay AED966 million
to lenders during FY2024 as part of its debt restructuring
plan
The restructuring reduces financing costs and deleverages the balance
sheet for improved profitability and cash flows
The Dubai Financial Market (DFM)-listed Union Properties has informed the
bourse that it has reached a significant milestone in its debt restructuring plan
agreed with local banks by paying AED290 million ($78.9 million) to its
lenders.
UPP has achieved this by asset sales and cash flow generation in the first
quarter of 2024 during which the company successfully closed AED816 million
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