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FINANCIAL NEWS
Dubai’s Union Properties secures USD108.9m credit facility
03 Feb 2012
(MENAFN) Dubai-based Union Properties secured USD108.88 million credit facility from Emirates NBD, to finance two stalled hotel projects in its MotorCity development scheme, Bloomberg reported.
Chairman Khalid bin Kalban said that the company plans to tender a contract to finish the Renaissance hotel and the Marriott Courtyard, which are about 70 percent complete.
Last month, the developer reached a deal with Emirates NBD to reschedule USD734.98 million of debt until 2017.
It also settled USD299.44 million debt to the lender in exchange for homes and offices in projects including Limestone and The Index towers.
The company reported a USD18.56 million loss in the fourth-quarter, down from USD185.65 million a year earlier. Total assets declined to USD2.48 billion last year from USD4.1 billion in 2010.
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