Dubai’s Union Properties has confirmed it has signed a AED290m ($79m) project finance deal for its Oia Residence project in the Motor City area of Dubai.

Ajman Bank and National Bank of Ras al-Khaimah (RAKBank) were joint lead managers. Alpen Capital was the financial adviser to Union Properties.

The main contract for Oia Residence, worth AED235m, was awarded to China State Construction & Engineering in January.

Union Properties said in February that it was seeking AED740m for four projects. These include The Link Motor City and labour camps.

Union Properties’ preliminary financial results for 2015 show its net profits halved, falling from AED865m in 2014 to AED435m. Revenues fell 29.2 per cent to AED1.5bn in 2015.

Union Properties struggled to manage its huge debt burden following Dubai’s 2008 real estate crisis. It spent until 2013 restructuring at least AED7bn of debt, and was forced to sell off many properties, including the Dubai Ritz Carlton.

Debt worth AED4bn was settled in 2010 and 2011. In 2013, AED3.1bn of this debt, with Dubai’s Emirates NBD and Abu Dhabi Commercial Bank, was extended until 2017, according to press reports.