Union Properties to repay $545m of debt

08 June 2011

Developer also plans to restructure remaining debts

Dubai’s Union Properties is planning to repay AED2bn ($545m) of debt this year as part of its plans to cut interest costs and restructure remaining debt on the company.

Last November, the company sold the Ritz-Carlton hotel in the Dubai International Financial Centre for AED1.1bn.

Shares in the company rose 4 per cent on 8 June after the announcement, as investors welcomed news that the developer was acting to address its debt problems.

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