Our guide to the issues likely to impact businesses and the key measures taken by African governments in response to COVID-19.
Our real estate sector team in Casablanca provide a comprehensive range of services across financing, fund formation, joint ventures, complex structuring, acquisitions and disposals, land use, environmental, development, construction and leasing as well as dispute resolution.
Real estate has emerged as an attractive long-term asset for investors seeking diversification and stable yields in an uncertain economy. As a sector, real estate is an inherently local business requiring strong local knowledge and a client-focused approach. We work both with companies immersed in the Moroccan market and with a range of global investors, lenders and developers that consider North Africa a key region for investment.
Our clients include local and international developers, funders, private equity houses, investors, listed and unlisted corporates, occupiers, government, state owned enterprises as well as hotel and leisure operators.
Our team is particularly adept at M&A in the real estate sector as well as in the structuring of REITs and real estate investments in general.
Experience has included advising:
- Log's, a French logistics group, in its partnership with a company listed on the Casablanca Stock Exchange;
- Aradei Capital on the issuance of a secured bond in a public offering of MAD600 million in five tranches;
- Société d'Aménagement de la Ville Nouvelle de Zenata (SAZ) in the structuring and development of the eco-city's healthcare park, business university, schools and retail park - Zenata is the first eco-city in Africa to be given the official label;
- Immorente (CFG Bank) in the context of its IPO on the Casablanca Stock Exchange, including reviewing the lease agreement package and drafting amendments to ensure compliance - this is the first IPO of a real estate investment trust in Morocco;
- CDG Capital in the acquisition of two assets located in Casanearshore (an offshoring and outsourcing park in Casablanca) and Technopolis (the first Moroccan park for high multiple integrated activities), valued at over MAD250 million;
- Bin Otaiba Investment Group, a UAE based company providing real estate development services, in the context of the acquisition of 100% of the shareholding of two hotels in Morocco, one in Fes and the other in Tangiers (Ramada Hotels), valued at EUR13.5 million;
- Mfadel Group in the letting of their business center and commercial shopping center located in Mohammedia;
- A real estate fund in the drafting of a joint venture agreement with a Moroccan bank for the setting up of a real estate investment trust (OPCI);
- Al Amine Investissement Immobilier on a EUR2 million debt collection case against retail tenants of one the largest shopping malls in Morocco; and
- The Moroccan National Railways Office, Morocco's national railway operator, in its dynamic policy of land development in particular in the strategic areas located on either side of the rail tracks of the main Moroccan railway stations (Casablanca, Rabat and Kenitra).
- Tier 1 in tourism and real estate (The Legal 500 2019)
DLA Piper Africa achieves impressive results in the newly released 2020 edition of The Legal 500: Europe, Middle East & Africa (EMEA)edition
As the articles in this issue show, the world’s second largest continent may offer real opportunities to foreign investors in real estate.