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24 April 2024

UP in talks with Emicool to sell stake to third party

There is a lot of demand for our old assets and we will put more for sale Khalid Kalban, Chairman of Union Properties. (SUPPLIED)

By Parag Deulgaonkar

Union Properties (UP), which holds 50 per cent stake in Emicool, is currently in talks together with the latter to sell it stake to a strategic partner, the company's chairman said yesterday.

"There are talks going on with a third party for selling UP's stake in Emicool," Khalid Kalban told Emirates Business. He did not give further details, saying he was not part of the talks.

Emicool is a joint venture between UP and Dubai Investments (DI). Kalban is also the Chairman of DI.

"DI has the right of first refusal," he added, without mentioning if DI was planning to acquire UP stake.

In November 2009, Kalban had said they were in talks to sell Emicool stake for Dh250 million to Dh300m.

Earlier in a statement to the DFM, he said the company has assets of Dh14 billion for sale. It expects annual rental revenue of Dh500m.

Kalban told this newspaper last week the company had made a 15 per cent profit on the sales of two properties for Dh150m. The company also does not plan to sell its new assets, but was concentrating on disposing off its small assets.

"There is a lot of demand for our old assets and we will put more for sale."

Union Properties currently has a land bank of nine million square feet in prime areas of Dubai including DIFC and Meydaan.


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