Dubai's Union Properties buys stake in Egyptian developer
Firm says it has acquired 5.68% interest in Palm Hills through new investment arm
Dubai-based Union Properties has acquired 5.68% stake in Egyptian real estate developer Palm Hills, it said on Wednesday.
In a statement to the Dubai Financial Market, the developer said it acquired the stake through its investment arm, UPP Capital Investment, which was created last year to carry out direct and indirect real estate investments.
Union Properties said it decided to buy the stake as part of a plan to diversify income and expand its investments abroad.
Palm Hills’ project portfolio includes 26 real estate projects at different stages, occupying 27 million square metres across Egypt, the statement said.
Union Properties also reported a third quarter net loss of $12m (AED45m) for the three months ending 30 September, 2017, compared with a net profit of $8.7m (AED32m) in the corresponding period in the previous year.