Union Properties divests non-core land assets, marking a stride in its turnaround plan and garnering financial backing.
The Dubai-based developer offloads assets worth Dh500 million, underscoring its strategic vision and commitment to shareholder value. Additionally, it evaluates offers totaling Dh1.2 billion for further land sales.
“We’re strategically divesting while retaining approximately 10 million square feet of GFA for self-development,” said Amer Khansaheb, Managing Director. “These actions align with our 5-year strategy, ensuring sustainable growth.”
The surge in Dubai’s land values bodes well for Union Properties, which holds a substantial land bank in rapidly developing areas. Leveraging this, the company aims to focus on strategic projects.
Furthermore, recent developments include pursuing legal action to recover funds owed by former chairman, amounting to Dh600 million, and securing a debt refinance with Emirates NBD. These achievements fortify Union Properties’ position.