Union Properties okays sale of 40% stake in Dubai Autodrome for Dh400m
Developer also approves acquisition of an investment property valued at Dh250 million
Dubai: Union Properties on Wednesday said it has approved an offer of Dh400 million for a 40 per cent stake in the Dubai Autodrome, UAE’s first fully integrated motor sports facility.
The real-estate developer also approved the acquisition of an existing investment property, valued at Dh250 million, in Dubai’s Business Bay area.
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The company said its board of directors “will continue to evaluate and negotiate the acquisition of various other real estate assets in the UAE.”
In August, the Group said it had negotiated and finalised a comprehensive restructuring of the largest part of its outstanding debt with various financial institutions, which will ultimately improve its overall cash-flow profile.
Union reported a net loss of Dh 38.56 million for the second quarter of 2020, lower by 68 per cent compared to the previous quarter. The company, which has developed projects such as MotorCity and Green Community, attributed the reduction in losses to drastic cost cutting efforts.