Addoha buys 50 pct of Fadesa's Moroccan unit

RABAT, Dec 10 (Reuters) - Moroccan property developer Addoha (ADH.CS) bought 50 percent of Spanish construction firm Fadesa's FAD.MC Moroccan arm in a deal worth 1.3 billion dirhams ($167.9 million), Addoha said on Monday.

The Moroccan company said the move accelerated its development by four to five years, giving it a major stake in a series of high-profile tourism projects managed by Fadesa and access to the Spanish firm's international sales network.

Last month Addoha said it planned to raise around 2.1 billion dirhams by selling new stock to existing shareholders, boosting its equity capital after a series of land purchases.

The company's shares have soared since its initial public offering last year as it makes the most of a government-backed social housing drive and a boom in leisure, hotel and high-end housing projects.

Addoha stock was bid at 3,900 dirhams on Monday at 1036 GMT, up 37 percent this year and compared to an IPO price of 585 dirhams in June 2006. (Reporting by Tom Pfeiffer; Editing by David Holmes)