Union Properties (UP), a real estate developer, has signed a Dh290 million project finance facility for the construction of its Dh450 million Oia Residence in MotorCity.
Ajman Bank and National Bank of Ras Al-Khaimah (Rakbank) acted as joint lead managers and provided the financing facility. Alpen Capital (ME) Limited acted as the sole financial advisor for the transaction.
The project, a mid-to-upscale gated community, comprises a low-rise residential building that will include 271 residential units. It is located adjacent to the existing Gems Metropole School and Windsor Crescent Villas and south of MotorCity Autodrome.
In May, the company said it had awarded the main construction contract to China State Construction Engineering Corporation Middle East. The project is expected to be completed by end of 2017.
Source:: Emirates 247
Union Properties gets Dh290m finance for Oia Residence
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