International law firm CMS has advised UAE property developer Union Properties PJSC (UP) on the sale of its entire 50% stake in district cooling services provider Emicool to Dubai Investments PJSC for AED500m. Dubai Investments PJSC is now the sole owner of Emicool, having already owned 50% of Emicool prior to its latest purchase.
UP is one of the leading real estate developers in the UAE. This sale comes as part of UP’s new development strategy to enhance its investments, expand its business and enter new industries and markets. Specifically, UP will invest the proceeds from the transaction in enhancing its investment portfolio, expanding its operations and development projects and supporting its ambitious growth strategy.
The CMS team was led by Corporate partner Mohammed Majid, with support from UP Relationship lead, Geoff Smith.
Mohammed Majid comments: “We are pleased to have supported Union Properties on this successful sale, which forms part of our client's global development strategy.