Dubai's Union Properties in final stages of debt restructuring

Debt restructuring negotiations with banks began during 2020

  
Union Properties reveals Masterplan for MotorCity. Image used for illustrative purpose.

Union Properties reveals Masterplan for MotorCity. Image used for illustrative purpose.

Union Properties / Handout via Zawya

Dubai’s Union Properties is in the final stages of a comprehensive debt restructuring process, the company said in a statement to the Dubai Financial Market.

Debt restructuring negotiations with banks began during 2020.

“This move will support the company to improve its overall financial position,” the real estate developer said.

“The restructuring agreements are expected to include various types of solutions such as tenor date extension and reduction of interest rates,” the company said.

Earlier this month, Union Properties elected Khalifa Hassan Ali Saleh Al Hammadi as the chairman of the board.

(Writing by Gerard Aoun; editing by Anoop Menon)

(Gerard.Aoun@refinitiv.com )

#RealEstate #Dubai #Banks #Restructuring

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© ZAWYA 2020

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