Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market, has acquired an additional 20 per cent stake in Properties Investment, a major investor and developer of real estate properties in UAE, for Dh98 million ($27 million).

Properties Investment is a joint venture between Dubai Investments and leading UAE developer Union Properties.

With the new acquisition, Dubai Investments will hold a majority 70 per cent stake in the joint venture firm, said a statement from the company.

The additional stake is aimed at consolidating Properties Investment’s operational efficiency and broadening its real estate and investment portfolio, it added.

Established in 2002, the company is mainly involved in developing residential and recreational projects, which include the Green Community and Courtyard by Marriott within Dubai Investments Park.

Khalid Bin Kalban, the managing director and chief executive of Dubai Investments, said: "Dubai Investments’ stake increase in Properties Investment is focused on leveraging the company’s expertise in the UAE real estate sector."

"In spite of challenging macro-economic conditions, we are optimistic of the real estate sector’s long-term growth potential and Properties Investments’ ability to execute iconic projects," he added.

According to him, Properties Investment is well positioned for growth in the near future, with new projects in the pipeline amidst an anticipated pent-up demand for the real estate sector in the wake of Expo 2020 and other infrastructural developments.

Construction of Phase III of the Green Community, comprising 226 units (210 town houses, 16 duplex apartments and retail space) is currently under way and expected to be complete by mid next year, stated Kalban.

This will add to the 1,555 residential units that were developed during the first two phases of the Green Community – 719 in phase one and 836 in phase two, he added.-TradeArabia News Service