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Martinsa Fadesa's Morocco arm sells developers

Wed Oct 22, 2008 3:17am EDT

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MADRID, Oct 22 (Reuters) - Spain's largest property company Martinsa Fadesa (MFAD.MC) said on Wednesday that its 50 percent owned Moroccan unit has sold assets for 165.7 million euros ($218.5 million), making a pretax gain of nearly 43 million.

In a statement, Martinsa Fadesa said Groupe Fadesa Maroc sold real estate companies Citaf and Optim Inmobiliere to Douja Promotion Groupe Addoha, in line with the terms of an agreement reached on June 26.

Addoha owns the remaining 50 percent of Groupe Fadesa Maroc.

Martinsa Fadesa said Citaf and Optim own land in Marrakesh and Bouskoura, near Casablanca, which are not considered a strategic asset for Groupe Fadesa Maroc.

The disposal of these assets represents less than 15 percent of Groupe Fadesa Maroc's portfolio in value terms.

Martinsa Fadesa is the biggest casualty yet among Europe's dedicated property companies, filing for creditor protection in July with debts of 5.4 billion euros when it failed to meet a 150 million euro repayment of its main 4 billion euro loan. (Reporting by Judy MacInnes, editing by Will Waterman)



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