UAE-based UPP Capital Investment, the investment arm of Union Properties, has acquired 5.55% stake of the total shares of Egypt’s Palm Hills Development (PHD), at a total cost of EGP 525.3 mn, averagely EGP 4.1 per share, Construction Week Online reports.

The acquisition will increase Union Properties’ total stake in PHD from 10.96% to 16.51%.

Ahmed Yousef Khouri, CEO of Union Properties, said that the acquisition is part of the company’s strategy to enhance its investments abroad.

“[The acquisition] is part of the group’s ambitious plan to strengthen its investment portfolio by acquiring substantial assets that are diverse, dynamic, and successful both inside and out of the UAE, diversifying revenue streams, expanding its business, as well as venturing into new markets,” he added.

PHD has been operating within the Egyptian real estate sector since 2005, focusing on the development of integrated residential, commercial real estate and resort projects. The company, which is listed on the Egyptian Stock Exchange and London Stock Exchange, has one of the largest land portfolios in the country.