Union Properties' share price estimate cut

Credit Suisse Group has reduced the share price estimate for Union Properties to 3 fils from 80 fils and reiterated its 'underperform' rating on the stock, Bloomberg has reported. The developer's debt of Dhs6.8bn ($1.85bn) is three times its current market value. Even if Union Properties, Dubai's second largest developer, could collect outstanding payments due on delivery of properties, sell off real estate assets and keep up existing rental income, there wouldn't be equity value left after meeting all debt obligations, analyst Ahmed Badr said.