Union Properties in talks with banks

03 February 2016

The company is looking to borrow approximately $202m

Dubai developer Union Properties has announced that it is in talks with banks to raise approximately $202m to help fund some of its projects, according to a company statement on the Dubai stock exchange (DFM).

The company is looking to borrow approximately AED300m ($82m) for a residential building, AED70m ($19m) for staff accommodation, AED50m ($13.6m) to expand a shopping mall and AED320m ($87m) for a mixed-use retail and hospitality project, it said without providing further details.

Earlier last year, the developer announced that it was in talks with several banks to obtain a loan of up to $123m to fund a 271-unit project in Dubai

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