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Union Properties reschedules $1.5 billion debt

The company’s chairman also told Al Ittihad that it has not cancelled any of its projects.

January 31, 2010 10:31 by

Dubai-based real estate developer Union Properties has agreed with creditors to reschedule AED5.5 billion of debt, the company’s chairman Khaled Bin Kalban told Arabic daily Al Ittihad in an interview. Lenders have agreed to provide the company with additional finance to complete its projects, the paper quoted him as saying. He also said that Union Properties did not cancel any of its projects and hopes to finish them in three phases by the end of 2011.

He denied any merger talks with Deyaar, but said that there was a possibility of an acquisition.

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