Union Properties inks debt deal with Emirates NBD

Union Properties inks debt deal with Emirates NBD

Dubai's developer Union Properties, which is set for a major three-year turnaround plan, announced on Monday that it reached an agreement with Emirates NBD for the full restructuring of its outstanding Dh946 million debt with the bank.The developer of some of the landmark properties in Dubai said the agreement with Dubai's largest lender would substantially improve the debt profile of the group. "As a result, Union Properties will have a significant reduction of its installments as compared to the situation prior to this debt restructuring and better repayment terms which will improve the cash flow position of the company," the developer said in a statement.Khalifa Hasan Al Hammadi, chairman of Union Properties, said the restructuring outstanding debt with Emirates NBD was the number one priority for the group."With better cash