KG Group buys major stake in Dubai real estate group

KG Group, a leading manufacturer and distributor of products for the automotive, logistics and cement and mining industries, has acquired a major stake in Virtue Properties, a Dubai-based boutique real estate development company. Virtue Properties had last year delivered the Dh75-million ($20.4 million) mixed-use project, City Apartments, at the Jumeirah Village Circle. The City Apartments complex features 67 one-bedroom apartments that come with covered car parking, swimming pool, health club and three retail units including an anchor store. The layout of the apartments offers optimum use of space for families to be able to store goods and still have ample space to move around and live, said the statement from the company. With the new stake buy, Virtue Properties has expanded its shareholder base with the inclusion of K Gupta and andRohit Gupta, who have taken over their new positions as chairman and vice-chairman respectively. The expansion of the shareholder base will help the company to grow faster by undertaking new development projects, said the company in its statement.