Union Properties in ‘final stages’ of debt restructuring – The National

Union Properties in ‘final stages’ of debt restructuring – The National

Company had borrowings of Dh1.8bn at the end of 2019, of which Dh1.4bn is due for repayment this year

















Union Properties last month said it was starting arbitration proceedings to recover a Dh1.5 billion debt from a project completed a decade ago. Pawan Singh / The National

















June 28, 2020



June 28, 2020













Dubai-based developer Union Properties said on Sunday that it is "in the final stages“ of a comprehensive debt restructuring process.



The restructuring agreements with lenders "are expected to include various types of solutions such as tenor date extension and reduction of rates“, the company said in a statement to the Dubai Financial Market, where its shares trade.



"The move will support the company to improve its overall financial position.“





Union Properties is the master developer behind Dubai's Motor City, Uptown Mirdiff and Green Community neighbourhoods.



At the end of 2019, the company had borrowings of Dh1.8 billion, of which about Dh1.4bn was due for repayment this year, according to a note in its filed financial statements.



The developer had also proposed a resolution to