Restructuring plan: Union Properties to sell $272mln non-core assets
- Date: 25-Apr-2023
- Source: Zawya
- Sector:Real Estate
- Country:UAE
Restructuring plan: Union Properties to sell $272mln non-core assets
Dubai-based developer Union Properties PJSC (UPP) said that it will sell AED 1 billion of non-core assets over the next two years as part of a recovery plan to address AED 2.901 billion of accumulated losses.
The company has a target of reducing losses to AED 2.133 billion in 2025 or 49.72% of capital ratio, according to statements filed to Dubai Financial Market (DFM).
UPP said last week that it had reached a settlement under which its former chairman and other board members will pay the company AED 620 million after reported financial irregularities.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
[email protected]
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2023
Select Sector 
Select Country 
