January 9, 2018 / 7:56 PM / a year ago

Dubai's Union Properties says close to selling Emicool stake

DUBAI (Reuters) - Dubai real estate developer Union Properties UPRO.DU is in the final stage of selling its entire stake in Emicool, a district cooling service provider, the company said on Tuesday.

Union Properties has received several offers for the stake from United Arab Emirates-based companies, and will announce the buyer in coming days, it added.

The company owns half of Emicool, which provides cold water for use in air conditioning systems of residential, commercial and industrial areas around Dubai. The other half is owned by Dubai Investments DINV.DU.

Union Properties’ share of net assets in Emicool was valued at 355 million dirhams ($97 million) in 2016, according to the property firm’s annual report.

The company said selling the stake would help it to strengthen its focus on core operations and permit it to enter new sectors, but did not give details.

Reporting by Andrew Torchia. Editing by Jane Merriman

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