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UP signs finance facility for Oia project

UP signs finance facility for Oia project
Oia project's total cost stands at AED 450 million (Photo Credit: Company Website)
UPP
UPP
2.93% 0.42 0.01
RAK Insurance
RAKNIC
-10.00% 2.70 -0.30
Ajman Bank
AJMANBANK
-0.54% 1.85 -0.01

Dubai-Mubasher: Union Properties (UP) signed an AED 290 million project finance facility for the construction of Oia Residence.

Ajman Bank and National Bank of Ras Al-Khaimah (Rakbank) acted as joint lead managers for the transaction, while Alpen Capital (ME) Limited was the sole financial advisor to UP.

Situated in Motor City, the project will cost a total of around AED 450 million.

UP’s stock tose 0.4% to AED 0.7, with a turnover of AED 586,670 generated from the exchange of 830,140 shares.