Page 59 - UP PR REPORT - February 2025

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Dubai's Union Properties gets boost after Dh1b plus in plot sales
Union Properties gets started on Dh2b project in Motor City as comeback

gathers pace

"These investments are expected to generate an annual recurring income of

approximately Dh40 million," it added.

The UP stock is trading at Dh0.43, a brisk 0.69% spike in early DFM trade.
Debt strategy

The debt restructuring means Union Properties has lowered its financing

costs by Dh82 million during 2024 - from Dh114 million in 2023 to Dh32

million.

This improves 'profitability and liquidity'.
"Our growing trust among financial institutions and unwavering commitment

to excellence will certainly lay the groundwork for continued success, while

also allowing us to address the evolving needs of urban populations," said

Amer Khansaheb, CEO of Union Properties.
More good news for UP

The debt cut is the third piece of good news emerging from UP in recent

weeks. There was the sale of plots that fetched a handsome Dh1.3 billion, part

of its 5-year turnaround strategy announced in April 2023.

The Dh1.3 billion will go towards 'debt settlement agreements and fulfilling

preliminary costs for new real estate projects'.
Earlier, it launched the project in Motor City, the 'Takaya', which also marked

its return to the offplan after a fairly long absence. A further two projects are

heading into launch phase.

Union Properties will retain land of around 10 million square feet of gross

floor area (GFA) for development.

https://gulfnews.com/business/property/dubais-union-properties-slashes-debt-load-
todh575m-1.500029119