Union Properties signs MoU to exit shopping centre under construction in Dubai’s Motor City

Union Properties signs MoU to exit shopping centre under construction in Dubai’s Motor City

Dubai real estate developer Union Properties announced on Wednesday that it has recently completed signing a memorandum of understanding (MoU), under which it will completely exit from the ownership of a shopping centre under construction in Motor City. The MoU is valued at Dhs420m, and was signed with one of the leading real estate developers in Dubai. Khalifa Al Hammadi, chairman of the board of directors of Union Properties, said” “We have recently studied the needs of the real estate market in Dubai, accordingly, and to achieve the strategy and vision of the board of directors, it was necessary to diversify the real estate portfolio owned by the company in line with the supply and demand in the real estate market, as Union Properties holds a decent amount commercial spaces, whether in Motor City or in our Uptown Mirdiff project; Accordingly, the board decided that it is for the best to exit the shopping centre under construction when a suitable offer was obtained. Last year, the board of directors of Union Properties approved the offer of Dhs400m for a 40 per cent stake in its subsidiary Dubai Autodrome.