Union Properties agrees exit from the ownership of Motor City shopping centre under construction in Dubai
MoU valued at $114.3 million and was signed with a leading real estate developer in Dubai
Union Properties, the Dubai-based real estate developer listed on Dubai Financial Market and the owner of a group of diversified activity subsidiaries, has announced that it recently completed the signing of a Memorandum of Understanding under which it will completely exit from the ownership of a shopping centre under construction in Motor City in Dubai.
The memorandum of understanding is valued at $114.34 million and was signed with one of the leading real estate developers in Dubai.
Commenting on this milestone H.E. 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 center under construction when a suitable offer was obtained,” he concluded.
Earlier this month, Union Properties announced that it has broken ground on the first phase of its new Motor City development. The project is being developed at a cost of $598 million and will feature 880 residences. Contractor Airolink has been appointed to deliver the project.
Motor City Views is being developed as part of the first phase of the new development and is being developed at a cost of $218 million.
