Union Properties has announced that it has signed a memorandum of understanding with a real estate developer to exit from the ownership of a shopping centre under construction in Motor City in Dubai.
The deal is valued at AED420 million.
Khalifa Al Hammadi, Chairman of Union Properties, said:
"We have recently studied the needs of the real estate market in Dubai, accordingly, and 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.
Accordingly, the board decided that it is for the best to exit the shopping centre under construction when a suitable offer was obtained,"
News Source: Emirates News Source
