The Dubai-based developer Union Properties has sold over 500 million UAE dirhams ($136.13 million) worth of land, as part of its strategic turnaround strategy.  

The developer is actively assessing additional cash offers on its assets worth more than AED 1.2 billion, the company said in a statement to the Dubai Financial Market (DFM) on Monday.

“We are planning more strategic divestments as we navigate the dynamic market landscape. In line with the five-year strategy we set in 2023, we will retain approximately 10 million square feet of GFA from our current portfolio for self-development,” said Amer Khansaheb, Managing Director of Union Properties.

These efforts will pave the way to fostering sustainable growth, he stated.

In November 2023, Union Properties’ accumulated losses reached AED2.863 billion, as the losses as of Q3 2023 represented 66.75% of the paid-up capital.

In 2022, the developer completed 60% of the debt restructuring process. In addition, it has achieved 65% of its plan to improve operational efficiency, citing preservation of its book value of AED0.456 per share as of December 31, 2022.

(Editing by Brinda Darasha;