Dubai – Mubasher: Union Properties sold over AED 500 million worth of land, which reflects a significant milestone in the company’s turnaround strategy.
This aligns with the company’s strategy to maximise shareholder value and capitalise on productive opportunities in the real estate sector, according to a press release.
Meanwhile, the DFM-listed firm is considering offers on its assets exceeding a value of AED 1.20 billion in additional cash sales. These will reinforce its growth and enhance its capital structure.
Amer Khansaheb, Managing Director of Union Properties, said: “The successful sale of lands exceeding AED 500 million reflects our belief in the strength of our portfolio and our ability to generate sustainable returns.”
Khansaheb continued: “In line with the five-year strategy we set in 2023, we will retain approximately 10 million sqft of GFA from our current portfolio for self-development.”
In the 12-month period that ended on 31 December 2023, Union Properties recorded net profits valued at AED 811 million.
