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Union Properties eyes $545m debt cut to aid loan revamp
Wednesday, 8 June 2011 8:27 AM
Union Properties, Dubai?s second-biggest developer by assets, plans to repay AED2bn ($545m) of debt this year to cut interest costs and win bank support to restructure other loans.
The builder of Dubai?s Index Tower is seeking to convince banks including Emirates NBD to delay repayment on an additional AED3.5bn to AED4bn for five years, Chairman Khalid Bin Kalban said in a telephone interview from Frankfurt Tuesday.
Union Properties also repaid AED2bn in 2010, he said.
?We are pre-paying so we can sit and negotiate with the banks on restructuring some of the debt that will be left,? Bin Kalban said. The company is seeking to pay interest only and delay the principle repayment until 2016.