The Dubai-based firm, Union Properties, stated that it has acquired 5.68% interest in Egypt-based developer Palm Hills. The developer said in a statement to the Dubai Financial Market on Wednesday that it has acquired the stake through UPP Capital Investment.
UPP Capital Investment is the investment arm that Union Properties created last year to carry out its real estate investments, both direct and indirect.
Union Properties added that the decision to buy this stake in Palm Hills is part of a greater plan to diversify the company’s income and expand its investment portfolio abroad.
The statement also noted that Palm Hills’ project portfolio in Egypt includes 26 real estate projects at different stages of completion, occupying 27 million square meters across Egypt.
Union Properties has reported a net loss of AED45 million ($12 million) in the third quarter of 2017, for the three months ending September 30, 2017, as opposed to a net profit of AED32 million in the corresponding period in the previous year, 2016.