Union Properties (UPP) has sent a release to the DFM clarifying the following regarding its Oia project: i) the total financing for the Oia project is AED290mn, which is being finalised with a number of local banks; ii) the total investment cost of the project is AED450mn, with an expected IRR at 20-25%; iii) profit from the project is expected to hit the income statement over three years, which will have no significant impact on the company’s total net income. Oia is a high-end residential G+5 building consisting of 260 apartments, located in Motor City. (DFM)
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