Union Properties Announces Plans to List ServeU on DFM in Second Half of 2018
Union Properties, one of the leading real estate developers in the United Arab Emirates, today announced its purpose to raise capital via an initial public offering (IPO) of the shares of ServeU, its facilities management subsidiary, in the 2nd fifty percent of 2018. The Group will note the ServeU shares on Dubai Financial Market (DFM) and spend the earnings from the IPO to boost Union Properties' procedures and establish its investment portfolio.
Established in 1985, ServeU is among the leading facilities administration business in the region. Its services include residential property upkeep, general maintenance, safety and security, cleansing, waste transportation and landscaping.
The move comes as part of Union Properties' recently embraced strategy, which concentrates on boosting its investments, branching out income sources and increasing right into new markets.
Ahmed Yousef Khouri, Group CEO of Union Properties, said: "2018 marks a new phase of development and development for Union Properties. After the Group's comprehensive adjustments in management, framework and technique in 2017, the company currently has a unique setting that will certainly aid it continuously enhance its portfolio, diversify its earnings streams and go into new markets in the Middle East and beyond."
He added, "ServeU is one of Union Properties' prominent companies and it occupies an extremely noticeable placement in the facilities monitoring sector. Over the previous 3 years, ServeU has confirmed its ability to supply expert, trusted and efficient services. Our team believe that ServeU prepares to be publicly detailed at once when Union Properties is going in the direction of a new era of growth and expansion."
In accordance with its technique to additional diversify its operations and profits resources, Union Properties also established 2 fully-owned subsidiary companies in the 3rd quarter of 2017: Union Malls, which uses retail and leisure alternatives in Union Properties growths, and Al Etihad Hotel Management, which develops and takes care of luxury hotels and supplied homes in Dubai.
In October, Union Properties announced the formation of a new investment arm, UPP Capital Investment, which comes within the framework of the realty group's diversification technique. The new entity specialises in straight and indirect building financial investments, and provides in-house expertise to sustain Union Properties' long-lasting growth approach.
