Rabat- Morocco’s Stock Exchange in Casablanca recently announced that it will conduct a sectoral reorganization of listed real estate companies, Moroccan media outlets reported.
Starting Friday, April 20, the sector known as “Real Estate” will be henceforth be referred to as “Participation and Real Estate Development.”
The media outlets also announced the creation of a new sector called “Real Estate Investment Trust” (REIT), adding that the Moroccan-based company Balima, which is engaged in real estate activities and property development, has been transferred from the “Real Estate” sector to “Real Estate Investment Trust.”
In addition to Balima, the new sector classification concerns all listed real estate companies, such as Douja Prom Addoha, Alliances, and Dar Saada Residences.
This decision comes after the announcement of the introduction of Immorente to the Stock Market, an investment company that acquires and develops professional real estate assets for rental.
The capital raised by Immorente during its listing will allow it to finance its development projects. The unit introductory price was set at MAD 100 with a nominal value of MAD 62.54. Subscriptions to Immorente will begin on April 23, and will close on April 26, according to the schedule of the initial public offering (IPO) transaction.