Union Properties, a key real estate developer in Dubai and the owner of a group of diversified activity subsidiaries, said it has completed its successful exit from the ownership of a shopping centre under construction in Motor City.
The transaction worth AED420 million ($114 million) was inked with one of the leading real estate developers in Dubai.
Commenting on the exit, Chairman Khalifa Al Hammadi 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."
"This is 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," stated Al Hammadi.
"Accordingly, the board decided that it is for the best to exit the shopping centre under construction when a suitable offer was obtained," he added.-TradeArabia News Service