Dubai's Union Properties to sell autodrome stake for $109mln and acquire property

The developer will sell the stake for $109mln and acquire a $68mln property in Business Bay, Dubai

  
Union Properties Reveals AED8 Billion Masterplan for MotorCity. Image used for illustrative purpose.

Union Properties Reveals AED8 Billion Masterplan for MotorCity. Image used for illustrative purpose.

Union Properties / Handout via Zawya

Union Properties has approved the sale of a 40 percent stake in its flagship facility, Dubai Autodrome, based in Motor City, for AED 400 million ($109 million), and will buy a AED 250 million ($68 million) property in Business Bay.

The sale and acquisition were agreed at its board meeting, following an announcement last week that it was considering an offer for the stake, as well as making other UAE real estate acquisitions.

The developer is also considering making further real estate acquisitions within the UAE, the company said in a statement to Dubai Financial Market.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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