Property

Union Properties completes $133.4 million capital increase of three subsidiaries

Main objective to reveal its assets and its subsidiaries, states Union Properties

One of UAE’s largest real estate development companies – Union Properties PJSC – has announced that it has successfully completed the capital increase of three of its subsidiaries – Dubai Autodrome, ServeU and The FitOut – to reach a combined amount of $133.4 million.

The company said that its main objective was to reveal its assets and its subsidiaries, which reflected fruitfully, as the company received an offer of $108.9 million to acquire a stake in the subsidiary Dubai Autodrome, which was recently disclosed.

Khalifa Hasan Al Hammadi, chairman of the Board of Directors, stated the company had previously taken a decision to convert a number of its subsidiaries into private joint stock companies as an advance step in preparation for their listing on the financial market.

He added that these companies operate in vital areas capable of attracting investments or cash flows, whether through listing, acquisition or sales of shares. Union Properties constantly studies the real estate market and follows its indicators, and it does not hesitate to seize any valuable real estate opportunity in the market in order to achieve future value for these assets, Al Hammadi concluded.

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