Dubai – Mubasher: Union Properties (UPP) on Wednesday announced that its wholly-owned subsidiary, UPP Capital, has bought a 5.68% stake in Egypt’s real estate pioneer Palm Hills Development.

Cairo-based Palm Hills was established in 2005 and it is one of the major real estate firms in the Egyptian market, and it is mainly focusing on developing integrated residential and commercial projects, as well as hotels and resorts, UPP highlighted in a statement to the Dubai Financial Market (DFM).

Given that Palm Hills’ portfolio is comprised of 25 real estate projects, spreading over more than 27 million square metres across Egypt.