Union Properties, Dubai’s third-largest property developer, missed its asking price of Dh1.5 billion (US$408.3 million) in the sale of the Ritz-Carlton, which is to be sealed this week, its chairman says.
The sale is part of the company’s plans to offload assetsand raise cash to pay debts and finish projects.
Khalid bin Kalban said the terms of the deal were still being “exchanged” with a buyer from the UAE, with an official announcement expected this week.
No comments:
Post a Comment