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Union Properties earns AED 500m from land sale

Union Properties earns AED 500m from land sale
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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.