Casablanca, Morocco. Photo: Shutterstock.comGide Casablanca Advises on Morocco's First REIT
The creation of the real estate investment trust is a significant move in opening up Morocco's commercial real estate sector to institutional investors.
February 20, 2020 at 05:32 PM
2 minute read
Gide Loyrette Nouel has advised a Moroccan state-owned investment company on the creation of the first real estate investment trust in Morocco—a significant move in opening up the kingdom's commercial real estate sector to institutional investors.
Gide Casablanca advised Ajarinvest, a joint subsidiary of the Caisse de Dépôt et Gestion (CDG) and CIH Bank, on the establishment of the CDG Premium Immo REIT, the first such investment vehicle to be launched in Morocco since taxes on their returns were lightened by new laws, Gide said in a statement.
REITs help finance commercial real estate development by packaging real estate assets for sale to investors as shares. They have been authorized for sale in Morocco since August 2017, but high taxes on their returns stifled development of the sector. The 2019 Finance Law included a 60% abatement on profits by REITs to encourage their development, according to Oxford Business Group.
The Moroccan Ministry of Finance estimates the potential market for REITs at 200 billion dirhams, or about $20 billion, according to Gide. The real estate sector represented more than 50% of foreign direct investment in Morocco in 2019, according to the United Nations Conference on Trade and Development.
Gide advised on the feasibility study and document preparation for the creation of the REIT, which was approved by Moroccan regulators in December 2019. The firm's team included real-estate partner Jean-François Levraud out of Paris and counsel Loris Marghieri out of Casablanca, and banking and finance partner Guillaume Goffin out of Paris and counsel Chloé Joachim-de Larivière out of Casablanca.
Paris-based Gide was one of the first business law firms to set up in Morocco, in 2003. The Casablanca office brings together 14 lawyers, including four partners.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Pogust Goodhead Set to Axe Roles as Accounts Remain Overdue
Law Firms Mentioned
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
