Page 23 - UNION PROPERTIES GENERAL - February 2024

Union Properties sells $136m of land to

‘foster growth’

By Gavin Gibbon
February 26, 2024
Union Properties
Union Properties managing director Amer Khansaheb said it was planning to sell more
land but would retain around 10 million sq ft of gross floor area

Dubai developer Union Properties has sold more than AED500 million ($136 million)
worth of land as it continues to address levels of debt.

It is also looking at further offers on assets worth more than AED1.2 billion ($326
million), according to a filing on Dubai Financial Market on Monday, although no
locations have been revealed.

Shares in the developer, best known for its Motor City development and the Dubai
Autodrome, were up 4 percent in morning trading.

“We are planning more strategic divestments as we navigate the dynamic market
landscape,” said Amer Khansaheb, board member and managing director of Union
Properties.

Khansaheb added that it would retain approximately 10 million sq ft of gross floor area
from its current portfolio.

Last week Union Properties announced a net profit for 2023 of AED811 million and
revealed plans to spend AED5 billion on new projects.

On the ongoing asset sales, Khansaheb said: “These efforts will pave the way to
fostering sustainable growth.”

In 2022 Union Properties completed a AED595 ($162) million debt restructuring by
resolving legacy liabilities with the majority of its lenders.

Speaking after the company’s annual general meeting last year, Khansaheb said: “Our
target is land [sales], but we’ll obviously review any good offer that we get on any asset,
be it Dubai Autodrome or anywhere else.

“We need to raise AED1 billion of cash and we can’t say no to good deals.”

https://www.agbi.com/real-estate/2024/02/union-properties-reveals-land-sales/