UP sells Auto Mall in Dubai's MotorCity for Dh525 million

Dubai’s Union Properties has agreed to sell its Auto Mall development in its MotorCity master development for Dh525 million to Texture Global Investments, according to a company official.

“We have signed the sale contract with Texture, which will now be responsible for conversion of Auto Mall into a community shopping mall. We expect the completion of the conversion within 18,” Ahmad Khalaf Obaid Bin Touq Al Marri, General Manager, Union Properties, told Emirates24|7.

“The sale proceeds will be deployed in our other development streams,” he added.

Auto Mall will include 150 stores and consists of 450,000 square feet of leasable area divided into two floors.

This website reported in September 2014 that the developer was going to reconvert its Auto Mall into a conventional mall.

“The sale proceeds from the sale of Auto Mall will be deployed in our other development streams,” the spokesperson added. The developer recently launched the third phase at Green Community, its flagship development.

In January, Emirates 24|7 reported that the developer will be launching a 4-star hotel in Dubai Investment Park, thus entering the mid-range hotel category that is expected to boom by 2020.

“We will be building a boutique hotel, which will consist of 150 rooms and 50 serviced apartments. A hospitality consultant has been appointed for market research,” a company spokesperson had told this website.

Read: UP forays into Dubai's mid-range hotel category

Last year, the company announced three projects worth Dh2.15 billion, which includes Dh1.1-billion The Vertex, a  five-tower project, in MotorCity; Dh400 million phase 2 and 3 of Green Community, MotorCity, and Dh650 million phase 3 of Green Community, DIP.

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