Moroccan property developer Douja Promotion Addoha Group has acquired the whole shares of the 2 important subsidiaries of Fadesa Morocco Group. The two units, Citaf and Optim with high-profile real estate and tourism projects in Morocco, would help Adohha expand its real estate business and boost earnings. Addoha had already owned 50% stakes in Citaf and Optim before acquiring the the remainder of their shares.It gave no prices for the newly acquired stakes, though it had said on Dec.10 that the first 50% stakes deal was worth MAD 1.3 billions. The company is Morocco's leading real estate firm as it makes the most of a government-backed social housing drive and a boom in leisure, hotel and high-end housing projects.
via Reuters
Posts
