Union Properties, a pioneer in the UAE property development sector, has announced that its board of directors has approved the offer of AED400 million (($108.8 million) for a 40% stake in its subsidiary Dubai Autodrome, the UAE’s first fully-integrated multipurpose motorsport and entertainment facility.
The decision was taken at a meeting held on September 29.
During a session, the board also voted unanimously to acquire an existing investment property in the Business Bay area of Dubai, worth AED250 million.
They will continue to evaluate and negotiate the acquisition of various other real estate assets in the UAE, said the Dubai developer in a statement.
Union Properties is a pioneering developer with a distinguished history in delivering landmark projects.
It has completed a wide range of residential landmarks and commercial projects, attentive to the highest standards of design and quality, such as MotorCity, Dubai Autodrome, Green Community and Uptown MotorCity, Green Community East and West at Dubai Investment Park, Uptown Mirdiff, and Limestone House and Index Tower in the DIFC area.-TradeArabia News Service