The good real estate deals of the sisters of Mohammed VI in France

The good real estate deals of the sisters of Mohammed VI in France
The good real estate deals of the sisters of Mohammed VI in France

The Moroccan royal family is known for its taste for luxury residences and other real estate both in Morocco and abroad. An investigation by the Moroccan newspaper Le Desk, published Tuesday June 18, focused on real estate affairs in France of sisters of Mohammed VIprincesses Lalla Hasnaa and Lalla Asmae.

The Moroccan online newspaper recalls that the two princesses have an immense real estate portfolio in France, mainly made up of luxury residences. However, at the end of 2019, two sisters of Mohammed VI had the opportunity to expand their assets and they did not let it pass them by.
It was the very beginning of the health crisis.

The Leader Price stores were going to be sold in a few months to the Aldi group and the two princesses had proceeded with great discretion to purchase around ten plots of land housing the supermarkets in question. The sum mobilized for the operation was, according to the same source, 210 million dirhams (21 million euros).

The operation was carried out via companies owned by the two princesses in the Netherlands, a country known for its tax and legal flexibility. The two companies are Ousmaila BV, owned by Lalla Hasnaa, who notably used it to acquire his London home, and AA Investments BV, owned by Lalla Asmae.

France: around ten plots of land for the sisters of the King of Morocco

The two entities created SCI Soror, a company under French law which will be used to get their hands on around ten plots of land with high rental value in France. Behind this whole operation are two men: Anis El Yousoufi, former director of international relations at Bank Al Maghrib and right-hand man of Lalla Hasnaa, and Aziz Benzzoubeir, director of Lalla Asmae’s companies.

The Desk emphasizes that very little information is available on the company of the two princesses, their entourage having invoked the “principle of confidentiality”.

Still, the online newspaper was able to provide precise figures on the immense operation which involved the acquisition of around ten plots of land with a total area of ​​38,455 square meters.

The company SCI Soror was created in November 2019 and the land transfer contracts were signed a month later, on December 18 of the same year. The negotiations took place, not with the management of Leader Price, itself a tenant, but directly with the owners of the land, specifies the Moroccan media.

Mohammed’s sisters get their hands on lucrative real estate in France

The two princesses were thus able to acquire around ten plots of land, including one in Avignon for 2.27 million euros, in association with Enedis, a 100% subsidiary of EDF (Électrcité de France), another between Nîmes and Avignon, of 5877 square meters and worth 1.5 million euros.

In Saint-Jean-de-Védas, near Montpellier, SCI Soror acquired two plots of land at 2.35 and 2.85 million euros.

The Desk underlines that the company always uses the same strategy which consists of acquiring Aldi land in a shopping center, such as in Franconville, where SCI Soror offered itself land for 1.15 million euros.

The company of the sisters of Mohamed VI becomes the de facto owner of the premises and rents the land for huge sums. A lucrative activity which is not entirely unknown to the two Moroccan princesses, recalls the newspaper Le Desk which cites as an example the Oukacha business park in Casablanca where the princely entourage condemned bad payers.

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