Dubai developer Union Properties gains valuable time after Dh595m debt restructuring deal

Dubai developer Union Properties gains valuable time after Dh595m debt restructuring deal

Dubai: The Dubai developer Union Properties has received its biggest boost since a new management took over, confirming that it has restructured a Dh595 million debt restructuring. This includes repayment of Dh223 million to lenders, as ‘part of a comprehensive restructuring plan agreed by all parties’. The deal will also likely help secure financing for new projects, according to the developer. Union Properties' shareholders were certainly thrilled by the development, leading to the stock gaining an immediate 4 per cent in heavy volumes on the DFM. The stock is now up 3.6 per cent to Dh0.259. (The stock's 52-week high is Dh0.42, and Dh0.22 being the lowest.) “The successful completion of our debt restructuring process is an important milestone in Union Properties turnaround strategy, placing us on a firm foundation to drive future growth and value creation for our shareholders,” said Amer Khansaheb, Board Member and Managing Director. “With a bolstered balance-sheet and improved free cash flows, we are now in a strong position to leverage our deep expertise, reputation and highly sought-after land bank locations. “The strong performance and outlook for the UAE’s real estate market provides significant opportunities for Union Properties, including the potential for new real estate