Union Properties mulls $109mln offer for stake in Dubai Autodrome

UPP says the 40% stake offer will be considered at its next board meeting

  
An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

An investor (L) gestures to an electronic display board at the Dubai International Financial Market, March 24, 2010.

REUTERS/Mohammed Salem

Dubai’s Union Properties PJSC (UPP) says it is considering an offer of AED 400 million ($109 million) for a 40 percent stake in Dubai Autodrome.

The motor racing facility, which is adjacent to UPP’s flagship master development Motor City, is a subsidiary company.

In a statement to Dubai Financial Market, chairman of the board of directors, Khalifa Hassan Al Hammadi, said UPP was in the process of converting subsidiary companies to private joint stock companies.

He said the offer would be considered at UPP’s next board meeting, along with the acquisition of investment real estate assets in the UAE.

The company did not disclose the potential buyer in its statement.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogoen.lillywhite@refinitiv.com)

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