Real estate developer Union Properties announced on Tuesday, the completion of a AED595 million debt restructuring with lenders as part of a wider corporate turnaround strategy, according to Reuters.
The plan in line with the corporate turnaround strategy announced earlier this year, includes repayment of AED223 million to lenders as well as, reduction of financing costs to improve the company’s cash flow generation, the company detailed in a statement to Dubai Financial Market.
“The strong performance and outlook for the UAE’s real estate market provides significant opportunities for Union Properties, including the potential for new real estate developments,” Amer Khansaheb, board member and managing director at Union Properties, said in the statement.
Dubai prime properties are continuing to rise, the average price of a prime property is AED6.4 million, a total of 7,552 properties were transacted in the third quarter of this year, in the Dubai prime residential market. The properties included 6,940 apartments, 316 villas and 251 townhouses according to data from the Dubai Land Department.
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