Dubai’s Union Properties exits shopping mall project in Motor City for Dh420m
Developer’s decision comes after board decides to diversify Union properties’ portfolio
Image Credit: Ahmed Ramzan/ Gulf News
Dubai: Leading developer Union Properties will completely exit from the ownership of a shopping centre under construction at its Motor City community. The MoU signed by Union Properties and an unnamed Dubai developer is valued at Dh420 million.
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“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,” said Khalifa Al Hammadi, Chairman of Union Properties. “Accordingly, the board decided that it is for the best to exit the shopping centre under construction when a suitable offer was obtained.”