Gide Casablanca has advised management company Ajarinvest (joint subsidiary of CDG and CIH Bank, approved by the Moroccan capital markets authority for carrying out the activity of REIT management company) on creating the first real estate investment trust (REIT, or organisme de placement collectif immobilier - OPCI) as part of the establishment of the CDG Premium Immo REIT, the first collective real estate investment trust with lighter operating rules, incorporated as an investment company.
The draft management regulations of CDG Premium Immo were approved by the Moroccan capital markets authority on 12 December 2019. This first approval is an important step in the implementation of REITs in Morocco, initiated several years ago with the enactment in August 2017 of law no. 70-14 pertaining to real estate investment trusts.
Gide's team that acted on the feasibility study and document preparation (investment agreement, management regulation, real estate appraisers' agreement and depositary agreement) included partner Jean-François Levraud (Real Estate Transactions & Financing, Gide Paris), counsel Loris Marghieri (Real Estate Transactions & Financing, Gide Casablanca), partner Guillaume Goffin (Banking & Finance, Gide Paris) and counsel Chloé Joachim-de Larivière (Mergers & Acquisitions / Corporate, Gide Casablanca).