DUBAI: Real estate development company Union Properties has announced it will exit from the ownership of a shopping center under construction in Motor City, Dubai, after signing an AED420 million ($114 million) deal with an unnamed developer.
In a statement to the Dubai Financial Market, chairman of Union Properties Khalifa Al Hammadi said: “The company had studied the needs of the real estate market in Dubai and realized the need for
diversifying 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 of 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 center under construction when a suitable offer was obtained,” he added.
The company had posted a profit of AED 32 million for the first six months of 2021, after a loss of AED 160 million for the same period in 2020.
In August, Union Properties had announced Motor City Views project, an integrated residential community. Motor City Views has a total gross area of approximately 857,184sqf. Shareholders will have a purchase priority in the location, reports said.
