Page 21 - UNION PROPERTIES GENERAL - February 2024

Union Properties raises $136.1mn with

sale of land

The company is in the process of studying additional offers on its assets
worth more than $330 million in cash sale

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.

https://www.arabianbusiness.com/industries/real-estate/union-properties-raises-136-1mn-with-sale-of-
land