Martinsa Fadesa has signed a joint venture agreement with Addoha, the leading real estate group in Morocco, for the creation of a consortium aimed at developing the real estate promotion business that both companies have in Morocco. The agreement is based on the exchange of certain long-term assets between the two companies, as well as their development and management under the figure of the Real Estate and Tourism Consortium Addoha Fadesa, the name under which the new company will operate.
The agreement was signed jointly in the city of Casablanca by the president of Martinsa Fadesa, Fernando Martín, and the president of Addoha, Anas Sefriqui, in the company of their executive teams. Both presidents have shown their satisfaction for this deal given the complementarity of the business undertaken by both companies, which, at the current time, are leaders of the Real Estate Sector in Morocco. Martín stated that, "With Addoha we have found the ideal partner to strengthen our presence in Morocco due to the company's first-hand knowledge of the situation in Morocco and its capacity to manage land and develop promotions". Sefriqui highlighted that, "Martinsa Fadesa is a company of reference in the real estate sector in Europe. The company provides us with an ideal capacity for business knowledge, innovation and technical development for our interests in the country."
Initially, Addoha will contribute to the joint venture assets in Marrakech and Casablanca, the two main areas of residential development, whilst Fadesa will do so in Smir, Casablanca and Marrakech. This equal contribution represents 800 hectares of land, on which to promote residential homes and tourist, shopping and hotel developments. The Consortium will have a joint management team, for which the president will be rotated every two years on the proposal of one of the partners. The agreement considers that both parties agree to enter the calls for tender jointly as the first option. Nevertheless, it is expected that both parties will keep the management of all other assets that are not part of the Consortium separate.
Addoha will resume its listing on the Moroccan Stock Market after signing the agreement with Martinsa Fadesa, which had been suspended for three days given the importance of the announcement for the value. It is the leading Moroccan real estate group with an annual capacity for handing over homes of 13,000 units and a market capitalisation of 3,400 million euros.
Martinsa Fadesa's presence in Morocco
In the year 2000, Martinsa Fadesa became the first Spanish company to promote real estate developments in Morocco, and it is now one of the main foreign investors, as well as the first national real estate company to operate in Morocco. It owns a total surface area of 4,720 million m². During the first six-month period, Martinsa Fadesa has commercialized 1,638 pre-sold units, which represents an increase of 59 on the same period of last year, and sales of €120 million, which is 19% more than the previous year.
In May, the President of Martinsa Fadesa, Fernando Martín Álvarez, and the Prime Minister of Morocco, Driss Jettu, signed an agreement in Rabat, with which the company will develop two holiday and residential projects in Smir and Laguna Smir. At present, the company has the following property developments in Morocco:
- West: In Saïdia 16,000 hotel beds, three golf courses, leisure and services areas, a marina with 800 berths and 3,000 homes.
- North: In Tangier, the Tangier City Center, which the company is developing along side Anjoca Group, involving the construction of two hotels, a large office building, a leisure center and 850 homes. In Smir, three different projects with hotels, golf courses, leisure and sports areas and more than 4,000 homes.
- Centre: In Rabat, a residential development. In Casablanca, the Barceló Casablanca 4-Star Premium Hotel, with 85 rooms, open since March 2006.
- Marrakech: The luxury resort situated at the Palmeral in Marrakech, which has three hotels, an