Union Properties sells 40% of "Dubai Autodrome"

The Board of Directors of Union Real Estate Company approved the bid to acquire 40% of Dubai Autodrome's capital of 400 million dirhams.

According to Arabiyanet, the Board of Directors approved the acquisition of an existing investment property in the Business Bay area in the emirate of Dubai at a value of 250 million dirhams.

the company's board of directors also agreed to proceed with negotiations to acquire investment real estate assets in the United Arab Emirates, and other routine and administrative matters.

The company had previously announced that its board of directors would discuss the decision to acquire some existing investment assets worth 740 million dirhams in the UAE.

Last month, Khalifa Hassan Al Hammadi, Chairman of the Board of Directors of Union Properties, said that his company is seeking to implement new acquisitions ranging between 1 billion and 1.5 billion dirhams With the aim of enhancing financial performance.

In addition, the company announced earlier that it is in the final stages of a comprehensive debt restructuring process, as negotiations have begun with the banks that the company deals with during this year.

This step will help the company to improve its overall financial position.

It is expected that the restructuring agreements will include various types of solutions such as extending payment terms and reducing interest rates.

On June 22, the Board of Directors of Union Real Estate Company decided to appoint Khalifa Al Hammadi as Chairman of the Board of Directors, and Abdullah Al Rostamani as Acting General Manager.

The Union Real Estate Company announced in March that the volume and percentage of its accumulated losses amounted to 2142 million dirhams, which constitutes 49.93% of its capital of 4289.54 million dirhams.

It is reported that the company revealed that it incurred losses amounting to 218.81 million dirhams at the end of last year, compared to a profit of 62.32 million dirhams the year before last.