Dubai – Mubasher: Union Properties revealed on Tuesday that its unit, UPP Capital Investment, took over Aabar Investments’ stake in Egypt’s Palm Hills Development in consideration of AED 110.8 million.

Following the closure of the deal, Union Properties’ stake in Palm Hills would grow to 16.51%, the UAE-based developer added in a statement.

Palm Hills posted a 19% year-on-year increase in consolidated profits during the full-year 2017 due to a growth in revenues.

In January, UPP Capital acquired a 5.68% stake in the Egypt-listed Palm Hills Development.