Press releases, Reports & Disclosures for Union Properties PJSC

ServeU, a subsidiary of Union Properties, has acquired House Keeping (LLC) and its subsidiaries in a deal worth AED 100 million. This acquisition aims to enhance ServeU's market position as a leading facilities management provider in the UAE. With over 8,900 employees, ServeU manages various properties, including residential, commercial, and government facilities. The acquisition is part of ServeU's strategy to improve operational capabilities and service quality. House Keeping, the UAE's second-largest provider in its segment, brings expertise and a strong client network, with significant revenues and EBITDA reported for 2024. Under the acquisition terms, House Keeping will maintain its brand identity but will be under ServeU's ownership and oversight. This move is expected to positively impact ServeU's financial performance.

Union Properties PJSC reported a 44% increase in gross profit for the first half of 2025, with total revenue rising to AED 316 million from AED 266 million in the same period in 2024. The company achieved AED 152.4 million in gross revenue for the second quarter, marking a 19% increase from the previous year, and a 77.84% rise in gross profit to AED 32.9 million. CEO Eng. Amer Khansaheb highlighted the company's progress in its transformation efforts and commitment to value creation. Despite increased overhead expenses due to early-stage real estate development and digital transformation investments, the company is focused on long-term growth. Union Properties plans to repay AED 150 million in bank debt, with AED 20 million already repaid and the remainder scheduled for Q3 2025. Additionally, the company signed a AED 700 million sale agreement for a real estate asset in Motor City.

Union Properties PJSC reported a 44% increase in gross profit for the first half of 2025, with total revenue rising to AED 316 million from AED 266 million in the same period in 2024. The company also announced a 19% year-on-year increase in Q2 revenue to AED 152.4 million and a 77.84% rise in gross profit to AED 32.9 million, attributed to improved operational efficiency. CEO Eng. Amer Khansaheb highlighted the company's focus on long-term value creation and strategic investments in development and digital transformation. Despite an increase in overhead expenses due to early-stage development costs and digital upgrades, the company plans to repay AED 150 million in bank debt, with AED 20 million already repaid and AED 130 million scheduled for Q3 2025. Additionally, Union Properties signed a conditional AED 700 million sale agreement for a real estate asset in Motor City.

Union Properties PJSC has signed a conditional sale agreement worth AED 700 million for a real estate project in Motor City, UAE. This deal is a significant step in the company's strategic plan to resolve legacy debt and strengthen its financial position. Following record plot sales of AED 1.3 billion in 2024, this agreement is set to be reflected in the company's Q4 2025 financials. The project will enhance the Motor City community and is structured under a deferred payment plan, ensuring cash flow and financial stability. The proceeds from this sale will allow Union Properties to settle its outstanding debt, marking the end of its recovery strategy and enabling a shift towards sustainable growth and long-term value for shareholders.