Union Properties sells $136m of land to ‘foster growth’

Union Properties sells $136m of land to ‘foster growth’

Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt. It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed. […]

Selling land to address debt

Further offers on $326m assets

‘Reviewing any good offer’

Dubai developer Union Properties has sold more than AED500 million ($136 million) worth of land as it continues to address levels of debt.

It is also looking at further offers on assets worth more than AED1.2 billion ($326 million), according to a filing on Dubai Financial Market on Monday, although no locations have been revealed.

Shares in the developer, best known for its Motor City development and the Dubai Autodrome, were up 4 percent in morning trading.

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“We are planning more strategic divestments as we navigate the dynamic market landscape,” said Amer Khansaheb, board member and managing director of Union Properties.

Khansaheb added that it would retain approximately 10 million sq ft of gross