Debt component for UPP’s Oia Residence secured from two local banks
Union Properties (UPP) is reported to have signed an AED290mn project finance facility for the construction of Oia Residence, with two local banks. The company had sent a release to the DFM last week clarifying that the total investment cost of the project was AED450mn, of which the debt component was AED290mn (now fully secured). Oia is a high end residential G+5 building consisting of 260 apartments, located in Motor City, with an expected IRR of 20-25%. (Khaleej Times)
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