Union Properties Buys Key Stake in Egyptian Developer Palm Hills Development

Press release

Published January 11th, 2018 - 09:38 GMT

The stake was acquired through Union's investment arm, UPP Capital Investment, which was created last year to carry out direct and indirect real estate investments.

Union Properties, a leading real estate developers in the UAE, said one of its units has acquired a strategic 5.68 per cent stake in top Egyptian real estate developer Palm Hills Developments as part of its regional expansion plan.

A major player in the region, Palm Hills Developments focuses mainly on developing residential and integrated commercial developments, small cities and urban communities, hotels and luxury resorts besides land reclamation and cultivation.

The stake was acquired through Union's investment arm, UPP Capital Investment, which was created last year to carry out direct and indirect real estate investments, said the company in a statement to Dubai Financial Market.

The acquisition is part of Union Properties' strategic plan to boost its investments in and out of the UAE besides diversifying its revenue sources and expanding its business and entering new markets and sectors, it stated.

Established in 2005, Palm Hills Developments now owns one of the largest land banks in Egypt with a total area of 41 million sq m and currently has a portfolio of 26 real estate projects.

On the stake buy, Group CEO Ahmed Yousef Khouri, said: "Acquiring this strategic stake in the top Egyptian real estate developer marks another step in our ambitious expansion plan."

"As Union Properties enters a new growth phase, we are strengthening our expanding investment portfolio by acquiring significant assets that are diverse, dynamic and successful. Palm Hills has the ability to continue its steady growth into an important regional player in the regional real estate sector," he added.

Source: Trade Arabia

Background Information

Union Properties

Our story began with an epic and ambitious vision. From the beginning, we were fixated on the vision of becoming a pioneer in the property development sector. Over the years, we have grown to become one of the most trusted names in residential and commercial developments in the UAE.

Our properties represent our steady and ambitious confidence, bringing diversity and pioneering the future trends in the property development sector. Union Properties’ leadership in developing landmark projects in several sectors highlights an ambitious drive to build infinite possibilities and to cultivate connections across future generations. We see challenges as opportunities, catalysts for our success and sustainable growth.