by Al Aqariya » Mon Feb 21, 2011 10:41 pm
Hi Frenchy nice to hear from you,
This is interesting, because they can change names and management, but the problem is that alcudia smir is still a joint venture between the spanish and morocans. But Prestigia on the other hand is a recently created branch by addoha (100% addoha company) for the top-end. Does this mean that Fadesa Maroc becomes 100% daughter of addoha?
The actual situation is that Addoha has 50% stake in Fadesa Maroc Group (now Excelia) and 50% is still in hands of Martinsa Fadesa. In the Fadesa Maroc Group there are different subcompanies developping the different projects eg. Residences du soleil for alcudia smir, Optim Inmobiliere and Citaf (since oktober 2008 100% subsidiaries of Addoha) developing in Marakesh and saidia
The capital increase, bond issue in summer 2010 of $300 mln by addoha went to repay addoha debt, social housing programs and to speed up developments of prestigia. None of the capital went to Fadesa Maroc.
Anyway with this info and want to adress that the problem is that it is still not fully in hands of the moroccans and there can be issues on management level. Funding of Fadesa Maroc is also a curiosity if you imagine that the projections of return on sales on the different fadesa projects are not met. eg. alcudia smir hotel not sold develpment of AP-8/9/10 and v-3 is on hold so the projected ROI targets are not realised, same goes for Saidia projects. Above all the speed of building progress is also not encouraging. They blame it on rainfall but i think it is also liquidity issues.
It would be good news if it became fully addoha/prestigia brand then it could maybe benefit and they would really care about image because Prestigia is created by the morocans themselves.
My source for all this info/analyses is google.
I spoke with the office and they decline delay due to liquidity or mangement issues with Martinsa fadesa.
They say it is rainfall and issues with subcontractor?
Anyway i'm patiently waiting because i have no other option, in the end addoha also wants to saveguard her investment in fadesa, cancelation is no option for me as you have to wait for resale so i prefer waiting for completion