Regime Collectif d'Allocation de Retraite acquired 6.97% stake in Alliances Darna from Alliances Developpement Immobilier SA for MAD 450 million.

Alliances Développement Immobilier specializes in developing, promoting, marketing, and managing tourism and residential real estate. Net sales break down by activity as follows: - promotion of residential and tourism real estate projects (86.6%): residential complexes, villas, golf courses, economical and mid-level housing, etc. The group also develops hotels operation activity (EHC Maroc); - supply of real estate services (13.4%): execution of turnkey projects, delegated construction contracting, marketing and real estate asset management, apartment and villa leasing management, design and execution of decorating projects for third parties, etc.