Union Properties PJSC, one of the leading real estate developers in the United Arab Emirates, announced the sale of its entire stake in Emicool LLC, a district cooling services provider, to Dubai Investments PJSC, which already owned 50% of Emicool, for AED 500 million (around USD 137 million). Union Properties will invest the proceeds from the transaction in enhancing its investment portfolio, expanding its operations and development projects and supporting its ambitious growth strategy.
Union Properties had received several offers to sell its shares in Emicool from various local and international companies, and subsequently notified Dubai Investments PJSC of its intention to sell its entire stake. As per Emicool’s Articles of Association, the partner had priority to buy any shares offered for sale. Accordingly, Dubai Investments announced its intention to acquire Union Properties’ stake, which amounts to 50% of Emicool. The final legal proceedings of the transaction were concluded on Thursday, 18 January, giving Dubai Investments full ownership of Emicool.
Established in 2003, Emirates District Cooling (Emicool) is a limited liability company. Emicool’s core operations include providing district cooling services for residential, commercial and industrial areas, as well as distributing, transporting and selling cold water used in cooling equipment for individual and corporate clients.