Developer recently acquired a stake in its subsidiary Dubai Autodrome
Union Properties, a prominent real estate development companies with prominent residential and entertainment projects in the UAE and the main developer of Dubai Motor City, announced that it has successfully completed the capital increase of three of its subsidiaries – Dubai Autodrome, ServeU and The FitOut, to reach a combined amount of AED 490mn (US$ 133.4mn).
Khalifa Hasan Al Hammadi, Chairman of the Board of Directors, stated the company had previously taken a decision to convert a number of its subsidiaries into private joint stock companies as an advance step in preparation for their listing on the financial market.
The company said its main objective was to reveal its assets and its subsidiaries, which reflected fruitfully, as the company recently received an offer of AED 400mn (US$ 109mn) to acquire a stake in the subsidiary Dubai Autodrome, it was recently disclosed.
Al Hammadi added the company constantly studies the real estate market and follows its indicators, and it does not hesitate to seize any valuable real estate opportunity in the market in order to achieve future value for these assets.
