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Union Properties mulling options to settle Dhs2.2bn debt
- United Arab Emirates: Tuesday, February 19 - 2013 at 04:02
The chairman of Union Properties, Khalid bin Kalban, has said the Dubai-based developer is in talks to settle Dhs2.2bn ($599m) of debt through measures that will include property swaps, Bloomberg has reported. "We are trying to reduce the company's costs," Kalban said. "Today, the biggest expense at the company is borrowing." Union Properties paid around Dhs150m in interest last year, he said. The developer plans to reduce its liabilities to Dhs400m, the chairman said. The value of the company's assets will be about Dhs5bn after the debt reduction plan is completed.
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