Dubai – Mubasher: Union Properties has signed an AED 420 million Memorandum of Understanding (MoU) to exit from the ownership of a shopping centre under construction in Motor City.
The shopping centre was sold to one of the real estate developers in Dubai, according to a press release on Wednesday.
The Chairman of Union Properties, Khalifa Al Hammadi, said: "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."
Al Hammadi added: "Accordingly, the board decided that it is for the best to exit the shopping center under construction when a suitable offer was obtained."
It is noteworthy to mention that during the first half (H1) of 2021, the company turned profitable to register a net profit of AED 32.4 million, versus losses of AED 160.4 million in the same period of 2020.