Union Properties, a leading Dubai-based real estate developer, has announced that it has successfully completed the AED70 million ($19 million) payment towards its largest lender.
This comes as part of a comprehensive debt restructuring plan, announced last August, in bid to improve the group’s cash-flow and restoring its standing with the banking sector.
On the successful payment, Chairman Khalifa Hassan Al Hammadi said: "Union Properties is a strong group with a large asset base and fantastic operations. Despite challenging market conditions, we are honoring our financial commitments and guaranteeing our ability and willingness to pay the company's debt on time."
"The successful implementation of our comprehensive debt restructuring plan has resulted in a massive reduction of our financing costs by 35% for the three-month period ending September 2020, compared with the same period last year," he noted.
"This achievement adds to a series of great and impressive results recently announced and we are fully dedicated to maintaining this positive momentum going forward," he added.-TradeArabia News Service