Union Properties approves Dhs400m offer for stake in Dubai Autodrome

The board of directors of Dubai developer Union Properties has approved the offer of Dhs400m for a 40 per cent stake in its subsidiary Dubai Autodrome.

The decision was taken at a meeting held on Tuesday, September 29.

Read: Union Properties receives Dhs400m offer for a 40% stake in Dubai Autodrome

Dubai Autodrome, a multipurpose motorsport and entertainment facility, includes several racing circuits. It has hosted global races such as the FIA GT Championship, European Touring Car Championship, A1 GP, GP2 Asia, Lamborghini Super Trofeo ME, MRF Challenge, Porsche GT3 Cup Challenge ME, the Radical Middle East Cup and the Hankook 24H Dubai Endurance Race.

During the session, the board also voted unanimously to acquire an existing investment property in Dubai’s Business Bay area worth Dhs250m.

The board will continue to evaluate and negotiate the acquisition of other real estate assets across the UAE.

Dubai-listed Union Properties announced a massive three-year restructuring plan in August, after announcing a new leadership team earlier this year.

The company, whose projects include Dubai Motor City, also signed a deal with Emirates NBD to restructure its Dhs946m outstanding debt and launched a new development.

Read: Dubai’s Union Properties plans new project even amid oversupply