Allen & Overy advises the Public Investment Corporation SOC Limited on the minority investment of the Government Employees Pension Fund (South Africa) in Aradei Capital (Morocco) for USD50
02 June 2020
Allen & Overy (A&O) has advised the Public Investment Corporation SOC Limited (PIC), acting on behalf of the Government Employees Pension Fund of South Africa (GEPF), in relation to the minority investment of GEPF in Aradei Capital (Aradei).
Aradei is a real estate platform headquartered in Morocco that specializes in commercial real estate assets. It has a presence in 15 cities across Morocco. PIC is an asset management firm wholly owned by the government of the Republic of South Africa and is by far the largest asset management firm in Africa.
Through this investment, GEPF joins other major investors in Aradei, which include the European Bank for Reconstruction and Development (EBRD), Label’Vie (a leading food retailer and franchisee of the Carrefour brand in Morocco), SANAM Holding and Best Financière, which has interests in large and medium retail properties in Morocco.
The investment was structured as a simultaneous acquisition of Aradei shares by GEPF from EBRD, one of the existing shareholders of Aradei, and a subscription to new shares issued by Aradei under the private placement regime.
Following this transaction, GEPF acquired a 13% stake in Aradei for a final investment amount of USD50 million.
The A&O team was led by Casablanca based partner Yassir Ghorbal, assisted by Counsels Allen Leuta (Johannesburg) and Younes Maleh, senior associates Lamya Kerroumi, Ralph Salameh and Moulay El Amine El Hammoumi Idrissi, and associates Pravesh Lallah (Johannesburg), Zineb El Kouhen, Zineb Benabdellah, Sanaa Lahrouni and Max Olivier N’Goran. UK law advice was provided by Dubaï-based corporate partner Andrew Schoorlemmer and associate George Furnivall.
Aradei was advised by DLA Piper (Casablanca) led by partner Christophe Bachelet, Country Managing Partner, assisted by associate Kenza Belrhiti Alaoui.
EBRD was advised by Bird & Bird (London) led by Andrew G W Hallgarth.