Spanish real estate firm Martinsa-Fadesa signed an agreement on Thursday for the development of a tourist complex on the Moroccan coast. The resort will cover an area of 695 hectares and will include a shopping centre, luxury hotel, and 4,000 homes in the Playa Blanca district, Spanish news agency Efe reported. Completion is scheduled for 2011. The investment volume for the complex was not disclosed.
Spanish real estate firm Martinsa-Fadesa signed an agreement on Thursday for the development of a tourist complex on the Moroccan coast. The resort will cover an area of 695 hectares and will include a shopping centre, luxury hotel, and 4,000 homes in the Playa Blanca district, Spanish news agency Efe reported. Completion is scheduled for 2011. The investment volume for the complex was not disclosed.
Martinsa-Fadesa is already active in several Morocco cities and owns about 4 millions m2 of property in the country. In March, Martinsa took over about 87% of rival Fadesa Inmobiliaria with a share bid in September 2006. The offer valued Fadesa at EUR 4 bn.
