(MENAFN) Union Properties is set to sell its Auto Mall development in Dubai Motor City for USD142.92 million to Texture Global Investments, Gulf News reported.
Union Properties logged USD233.77 million net profit in 2014, a decrease from USD430.14 million in 2013. Revenues went down by 50 percent to USD560.81 million.
The mall has 150 stores across 450,000 square feet of leasable space. "We will not be part of the conversion project but will leave it to Texture to set the programme," a Union Properties spokesperson said.
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