Dubai Autodrome partial stake up for grabs

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Dubai Autodrome sells shares Image: Union Properties

Dubai-based Union Properties has stated that it has given the green light vis-à-vis the offer for a 40 percent interest in the motorsport and entertainment venue Dubai Autodrome.

The real estate development company has announced that its board has given the nod to an offer of AED400 million ($108 million) for a 40 percent stake in its subsidiary Dubai Autodrome.

Union Properties is a real estate development company based in Dubai, United Arab Emirates (UAE). The company is known as a Master Developer of both, the Index Skyscraper (80-story skyscraper Index Tower) and Dubai Motor City. Union Properties is a public joint-stock company in the Dubai financial market.

The Dubai Autodrome is an FIA sanctioned 5.39 km motorsports circuit located in Dubailand, Dubai, UAE. The architects of the project were eminent design practice Populous.

The decision to sell stake in UAE’s first fully-integrated multipurpose motorsport and entertainment facility was taken at a meeting where the board also voted to acquire an investment property in the Business Bay area of Dubai, worth AED250 million.

The name of the Dubai Autodrome stake buyer was not revealed.

A statement sent out by developer Union Properties stated that it will “continue to evaluate and negotiate the acquisition of various other real estate assets in the UAE”.

Union Properties boasts a portfolio of projects including MotorCity, Dubai Autodrome, Green Community and Uptown MotorCity, Green Community East and West at Dubai Investment Park, Uptown Mirdiff, and Limestone House and Index Tower in the Dubai International Financial Centre (DIFC) area.

Dubai Autodrome has to its credit of staging the pick of races, including 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.

Last month, Union Properties unveiled plans to list three of its subsidiary companies on the Dubai Financial Market (DFM).

It is aiming to convert the legal form of facilities management company ServeU, interior fitout company FitOut, and the Dubai Autodrome, motorsports and entertainment facility, into private joint stock companies.

The above decision comes close on the heels of the company developing a plan to deal with accumulated losses, which stood at AED2.3 billion ($626 million) at the end of June this year.

Union Properties also struck a deal with Emirates NBD (one of the largest banking groups in the Middle East in terms of assets) recently to restructure an outstanding AED946 million debt with the bank.

The developer has also announced plans to launch its new 2.9 million square foot Motor City Hills project.

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