Union Properties makes payment worth AED70 million towards debt restructuring plan

Union Properties PJSC, the iconic real estate developer with a portfolio of diversified subsidiaries, has announced the successful completion of an AED70 million payment towards its largest lender. This payment comes as part of a comprehensive debt restructuring plan, announced last August, with the aim of improving the Group’s cash-flow and restoring its standing with the banking sector.

In this regard, Khalifa Hassan Al Hammadi, Chairman of the Board of Directors, said:

"Union Properties PJSC is a strong group with a large asset base and fantastic operations. Despite challenging market conditions, we are honoring our financial commitments and guaranteeing our ability and willingness to pay the company's debt on time."

"The successful implementation of our comprehensive debt restructuring plan has resulted in a massive reduction of our financing costs by 35% for the three-month period ending September 2020, compared with the same period last year. This achievement adds to a series of great and impressive results recently announced and we are fully dedicated to maintaining this positive momentum going forward."

News Source: http://wam.ae/en/details/1395302880806