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Yamed: Karim Beqqali tells us everything you need to know about the group

By Medias24

November 4, 2021

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INTERVIEW. Yamed Capital's CEO, now known as Yamed Group, Karim Beqqali, answers all the questions in this interview about the activities of his group, its unique business model, the secret behind its rapid and surprising development, its recent reorganization, shareholding, and future ambitions.

Established in 2013, Yamed Capital has become one of the leading players in the real estate sector in just a few years. Initially launched as a real estate asset manager, following an American model, Yamed quickly ventured into comprehensive real estate development, including residential projects in the high-end, medium-end, and social segments.

Starting from almost nothing, the group now manages assets worth around 10 billion dirhams, experiencing rapid expansion that has prompted a new phase in its development, involving the reorganization of its structures and venturing into new businesses such as property management (syndicate management and rental management) and hotel management.

In this interview, the group’s leader, Karim Beqqali, talks about the secrets behind this success, the objectives of the recent reorganization, and the unique business model of the group in the real estate industry. He also sheds light on the group’s shareholding and international connections, which are often topics of discussion in business circles.

Medias24: You have recently announced a reorganization of your structure, including a name change from Yamed Capital to Yamed Group. What does this reorganization entail, and why now?

Karim Beqqali: Our company, created eight years ago, has reached a stage of development and diversification of its various businesses that made it necessary, in our view, to have a clearer and more readable positioning as a group, both for the market and for our employees, partners, clients, and suppliers.

Yamed Group now covers the entire value chain of the real estate industry through its business lines, including asset management, property management, real estate development, architecture, project management, and marketing.

We made the choice for this change, which goes beyond a simple name change, to better explain the group’s economic model as an integrated investor-operator, on the one hand, and to strengthen the group’s governance by giving our different business units the independence, autonomy, and agility they need to realize their growth potential, on the other hand.

This reorganization also involved a comprehensive overhaul of our central services, with a particular focus on risk management and internal control systems, as well as the digitization of our business processes.

You have recently launched two new businesses: property management and hotel management. While property management clearly aligns with your core business, hotel management seems like a separate industry altogether. Why did you enter this field? Do you plan to manage existing hotels or take on new hotel projects?

The launch of these two new businesses, although different, is based on the same strategic vision as an investor-operator. It aims to provide the group with operational platforms that support long-term value creation investment strategies.

For example, mastering the property management business (syndicate management and rental management) represents a considerable advantage for Yamed Promotion’s clients. After delivering the projects, the group now offers them the opportunity to preserve the value of their properties by providing syndicate management services at international standards. Additionally, Yamed offers rental management services for those who do not wish to occupy their property, creating value for their investment.

As for the hotel management business, it is indeed a field that clearly falls outside the scope of the real estate industry. However, the underlying asset of this business – hotel buildings – belongs to a class of assets on which the group has developed expertise over several years, both as an investor (for example, the ongoing construction of the Canopy by Hilton hotel within the METROPOLITAN CASABLANCA project) and as a turnkey designer-builder for third parties (for example, the Adagio Casablanca City Center Apart-hotel).

As we strongly believe in the tourism potential of Morocco and therefore the hotel asset class, it appeared opportune for us to develop this new hotel management business within the group in order to optimize synergies between hotel real estate and hotel management. This positions us to capture the true value creation of a hotel investment, which largely lies in the quality of its operational management over the long term. We will soon provide more detailed information about our ambitions and roadmap for this sector, which includes both the development of new hotel projects and the support of owners in managing their existing hotels.

Yamed was established in 2013 as a real estate asset manager, purely in the field of asset management. However, we quickly recognized the market opportunities and ventured into full-fledged real estate development, with projects ranging from high-end to medium-end and social segments. Can we say that real estate development has overshadowed your initial role as an asset manager?

Here again, the synergies between the two businesses became evident to us very quickly. We identified residential real estate as one of the deepest and most resilient markets in Morocco for long-term real estate investments on behalf of our clients and co-investors.

To ensure the flawless execution of the investment strategies we propose, we chose to assemble teams of professionals capable of managing all components of a real estate development program, from design to after-sales service, including construction, marketing, and customer relationship management. Yamed Promotion, the subsidiary dedicated to this business, has indeed emerged as a reputable developer, but this growth occurred alongside our other business lines, including Investment Management, all of which have experienced significant growth trajectories.

In just 8 years of operation, you have already reached a volume of assets under management of 10 billion dirhams. This is significant for a young company. How were you able to mobilize such funds to achieve this level of management?

Everything is relative! In the asset management business, these volumes can be considered modest, depending on the perspective. In any case, like any young company, we were fortunate, at the beginning, to gain the trust of initial co-investors on initial projects, prove ourselves, and then benefit from the leverage effect on that initial capital of trust, which is and will remain our most valuable asset.

Furthermore, we must not forget the initial support of our sponsor and long-standing reference shareholder, Yam Invest, who has been part of our entrepreneurial DNA from the start and contributed to the formation of the consortiums for our initial projects.

The financial support from Yam Invest was crucial in this regard because it provided Yamed Group with the initial equity it needed to launch its operations independently and approach our business in a flexible manner.

This support also allowed us to create conditions for clear alignment of interests between the group’s balance sheet and the funds contributed by its client-investors. This approach of aligning interests has been absolutely central in building the trust relationship between Yamed and its client-investors.

Who exactly is Yam Invest, your reference shareholder?

Yam Invest is an independent private investment company based in Amsterdam, with strong financial resources and an extensive network of investors. Yam Invest notably completed the acquisition, restructuring, and sale of Cogedim to Altarea in 2007, thus creating a major and unique real estate group in France.

Thanks to this network, Yamed was able to raise its first investment vehicle – “Yamed Investors NV” – within a few months after its creation. This vehicle, also based in Amsterdam, was formed with capital from European institutional investors and family offices who trusted Yamed to make their first investments in Morocco.

We are honored by this trust, which has recently been renewed, as our European investors have decided to continue their investments in Morocco alongside local partners after successfully completing the first generation of projects.

About Amsterdam, it seems from your website that you also have an office there. What is its exact role?

For the record, Yamed was born from a wonderful professional encounter with an exceptional entrepreneur – the late Arnaud de Ménibus, who changed my life. Arnaud had a great love for Morocco, and our discussions quickly led to a shared ambition of supporting the Moroccan real estate market in its development. Arnaud was the founder, shareholder, and chairman of the management board of Yam Invest, a company based in Amsterdam, a leading European financial center (headquarters of Euronext), located at the heart of the continent. This location greatly facilitated our board meetings, which brought together members based in Paris, Milan, London, or elsewhere in Europe, before the Covid-19 pandemic.

The Yam Invest group has assembled a team of professionals experienced in private equity and real estate investment in Amsterdam. It was only natural for Yamed to be based there and integrate into this existing organization. Most importantly, our presence in the Netherlands has made it easier for us to reach a target audience of European institutional investors who are accustomed to working and structuring their own vehicles there.

Contrary to popular belief, the Dutch regime is primarily appreciated for the flexibility of its corporate law rather than tax considerations. The Dutch tax regime aligns with that of other European countries. For example, the Netherlands allows for different categories of shares in the same company without any restrictions on voting rights, which is not possible in many other jurisdictions, including Morocco. Therefore, thanks in part to our Dutch base, Yamed has been able to attract, structure, and channel significant and recurring European capital towards our development projects in Morocco.

How has your shareholder structure evolved since 2013, especially considering some rumors about hidden shareholders of Yamed?

Transparency is a fundamental value within Yamed, and I can inform you that since its inception, there have been no new shareholders apart from key individuals within the group’s management. The initial shareholders of Yamed since its creation by Yam Invest, Arnaud de Ménibus, and myself have remained unchanged to this day.

Following the passing of Arnaud de Ménibus, the group’s capital recently underwent a strictly internal restructuring aimed at providing an exit to the individual heirs of Ménibus in favor of the group’s management team. Yamed continues to maintain a stable and independent management and shareholder structure, ensuring controlled and long-term development.

Furthermore, Yamed’s real estate investment activities have historically been developed through the establishment of dedicated acquisition vehicles for specific real estate projects (“SPVs”), emphasizing a tailored approach adapted to the needs of its client-investors. It is important to clarify that there is a significant difference between the shareholders of Yamed Group, which is a completely independent real estate group, and the client-investors who co-invest alongside the group in limited-life investment vehicles created specifically for individual real estate projects (“SPVs”).

To date, our client-investor base includes leading European and Moroccan institutional investors and family offices, and we are honored by their trust. One final detail: in the asset management business, it is common for SPVs to carry a label that explains the management relationship between the managed vehicle (SPV) and the asset manager (YAMED in this case). This might explain the confusion that has arisen.

Let's go back to the subject of managed funds. What makes up these 10 billion in assets? We can imagine that the "real estate development" component is the most significant...

Indeed, our current development projects represent a significant portion of our volume of assets under management. However, our portfolio of income-generating assets, managed by our Investment Management teams, has also reached a considerable size.

This portfolio has actually grown substantially as our Investment Management division has made acquisitions on behalf of the various investment vehicles we manage, particularly in the education, healthcare, hospitality, and office sectors, among others.

As a reminder, our Investment Management division acts as a buyer of quality assets with potential for generating returns and capital appreciation upon resale.

How is it possible to handle such investment flows, numerous projects, and engage in asset management, development, construction services, marketing, property management, and hospitality with a staff of fewer than 100 people?

Our business relies heavily on our ability to build ecosystems of expertise in each area that contributes to the value creation chain for our clients.

These ecosystems involve not only the members of our teams, whose quality represents the primary asset of Yamed Group but also recognized partners, including service providers, construction companies, and capital partners such as Société Générale Group, with whom we launched the OPCI management activity (Nema Capital), as well as two other international players with whom we recently partnered in the fields of hospitality and property management.

Moreover, the staff you referred to only includes the teams of Yamed Group and does not include the teams of joint venture companies jointly owned with our international partners.

You are also perceived in the market as a privileged company that secures all the lucrative deals and the prime urban land, especially in Casablanca and Marrakech. What do you say about that?

Yamed operates in a highly competitive environment, and it is not uncommon for us to not be selected in the process of acquiring real estate assets. On the contrary, it is precisely our independence and the fact that we have not enjoyed the “privileges” as you understand them that have shaped the entrepreneurial values of commitment, excellence, and reliability within our group. These values have gradually helped us establish our position in the market.

The only privilege the group has benefited from is the ability to rely on high-performing teams right from the start of our journey—teams that are both bold and cautious. In fact, I would strongly invite you to experience a day in the life of our teams, so that you can personally witness the level of dedication, expertise, rigor, and commitment required for the successful execution of each of our projects. Furthermore, the group operates under the supervision of a Board of Directors composed of 80% independent international members, in accordance with international standards of good governance.

If we can celebrate some remarkable successes, it is because we understood early on within the group that in today’s Morocco, it is only seriousness and hard work that yield sustainable results! Lastly, I would like to emphasize that 100% of the land and assets purchased by our investment vehicles have been acquired from private operators under market conditions, as evidenced by public records.

Based on your responses and your DNA as an integrated investor and operator, blending international and domestic investment flows in the real estate sector to create value and returns, you seem to be a company that would be suitable for listing on the stock exchange. Is this project part of your plans, particularly to raise funds through equity or debt and provide the opportunity for Moroccan institutions and the general public to participate alongside you in this ambitious project and benefit from its returns?

The IPO of Yamed Group is not currently on the agenda. However, we are already working with Moroccan institutions such as insurance companies and other financial institutions on a number of projects, and we are actively considering the creation of investment products accessible to the general public.

In this regard, Yamed Group would be pleased to contribute, at its level, to directing a portion of public savings towards the real estate sector, particularly in asset classes that have a positive impact on the development of our country, such as healthcare and education real estate.

We will keep you informed of the progress of these projects.

    • Mohammed Tazi
    • Fund and Asset Manager
    • Mohammed has 10 years of professional experience in auditing, Transaction Services consulting, and asset management.
    • He joined Yamed Group in March 2021.
    • Mohammed began his career at EY Casablanca in auditing before moving into the Transaction Services line of business at PwC and then Deloitte as a Manager.
    • Mohammed advised investment funds and corporates on a wide range of national and cross-border transactions, including mergers and acquisitions, private equity transactions, and infrastructure projects.
    • Mohammed holds a Diploma of the Normal Cycle of ISCAE Casablanca with a specialization in Finance and Accounting as well as a Master's in Finance from IAE Grenoble.
    • He is fluent in French, English, and Arabic.
    • Reda Bennani
    • Fund and Asset Management Director
    • Reda Bennani has 14 years of professional experience in mergers and acquisitions consulting, investment, and asset management.
    • He joined Yamed Group in September 2021.
    • Reda began his career at Société Générale Asset Management as a Private Equity Analyst before joining the French sovereign fund, BPI France.
    • He also worked as a mergers and acquisitions analyst at DC Advisory Partners and the French M&A boutique, Croissance Partenaires. He spent 8 years at Capital Trust Finance in Casablanca as an associate, manager, and then general manager of the investment bank.
    • Throughout his career, Reda has been involved in various complex consulting missions for large local and regional groups and private equity funds across a variety of sectors.
    • Reda holds a Diploma of the Normal Cycle of ISCAE Casablanca with a specialization in Finance and Accounting as well as an MBA from ESSEC Paris.
    • He is fluent in French, English, and Arabic.
    • Franck Coudert
    • Co-Head of Investment Management
    • With over 20 years of experience in investment operations and asset management, particularly in the real estate sector, Franck Coudert joined Yamed Group in 2021 as the Co-Head of Investment Management.
    • In this role, he co-leads Yamed Group's Investment Management division, overseeing all investment and development initiatives for Yamed Group clients. Prior to joining Yamed Group, Franck began his career as a lawyer in the Corporate/M&A departments of Ashurst and Reed Smith in Paris before becoming a partner at Clifford Chance and DLA Piper in Casablanca.
    • Throughout his career, Franck has advised numerous investment funds, financial institutions, and companies in their investment operations, including providing guidance to Yamed Group on all its strategic operations over the past five years. He also has significant experience in structuring funds and investment vehicles.
    • Franck holds degrees from the London School of Economics (Real Estate Economics and Finance), Georgetown University (LL.M.),
    • Université Panthéon-Sorbonne (DEA in Business Law), and Université Paris II Panthéon-Assas (Master's in Business Law and Taxation) and is admitted to the Paris and New York bars. He is fluent in English and French.
    • Zineb Masrour
    • Co-Head of Investment Management
    • Zineb Masrour has 10 years of experience in real estate and 5 years in corporate finance investment banking.
    • She joined Yamed Group in 2013. As Co-Head of Investment Management, co-leads the Investment Management division of Yamed Group.
    • In this role, she coordinates all investment and development initiatives for Yamed Group's clients. She began her career in Paris in the Mergers & Acquisitions departments of Crédit Agricole and then La Compagnie Financière Edmond de Rothschild before joining CFG Group in Casablanca in the Corporate Finance department, where she worked for nearly four years.
    • Zineb then joined CBRE Group in Casablanca in 2010, where she headed the Investment and Capital Markets departments. Throughout her professional career, she has participated in numerous complex and varied advisory missions, including acquisition operations, financial and legal structuring of various real estate projects, raising equity funds through private placements, and raising bank debt.
    • Zineb Masrour holds a Master's degree in Management Sciences with a specialization in Finance from Université Paris IX Dauphine and a Master's degree in Financial Engineering from EM Lyon Business School.
    • She is fluent in French, English, and Arabic.
    • Karim Beqqali
    • President
    • Karim Beqqali has over 16 years of experience in real estate.
    • He began his career at Nexity in Madrid in Investment before joining CBRE, where he had the opportunity to train in various real estate professions, first with CBRE London (City Investment Desk), then with CBRE Dubai at the time of the launch of the Middle East subsidiary and finally with CBRE Madrid.
    • In 2006, he created the CBRE subsidiary in Casablanca responsible for the North Africa region, where he became General Manager. He was also a member of the Management Boards of CBRE MENA (Middle East & North Africa) and CBRE Spain.
    • Under his leadership, CBRE Casablanca grew from 2 to 38 employees in 7 years and became a leader in the region in all its fields.
    • Karim then became CEO of Yamed Group and its subsidiaries.
    • Karim is a graduate of ESSEC Business School in Paris, having completed his preparatory classes at the Ecole Sainte-Geneviève in Versailles. He also holds the "High Potentials Leadership Program Graduate" from the Harvard Business School in Boston.
    • He is fluent in French, English, Arabic, and Spanish.
    • Olivier Piani
    • Non Executive Director
    • Olivier Piani is the Founder and President of OP Conseils, a real estate and finance consulting firm established in 2016. He is also a Senior Consultant for leading European Private Equity groups and a US-based value-added real estate fund manager.
    • From 2008 to 2015, he served as the CEO of Allianz Real Estate, the real estate investment platform of the Allianz Group, which he successfully restructured. Under his leadership, the group's real estate assets grew to €40 billion worldwide.
    • Between 1998 and 2008, he established the pan-European platform for GE Capital Real Estate, which employed over 500 staff across 7 countries. GE Capital Real Estate achieved a profit of over $900 million in 2007.
    • Prior to joining GE in 1998, he was the CEO of UIC-Sofal, a real estate-focused bank, where he successfully restructured and sold the company to a consortium consisting of Goldman Sachs and GE in 1998.
    • From 1982 to 1995, Olivier Piani held various leadership positions within the Paribas Group in Paris, New York, and London.
    • Olivier Piani is a graduate of the Paris Higher School of Commerce (1977) and holds an MBA from Stanford University (1981).
    • François Henrot
    • Non Executive Director
    • François Henrot has over 36 years of experience in the real estate sector.
    • Born in 1949, François Henrot holds a degree in economics and is a graduate of the Institute of Political Studies in Paris, as well as a former student of the National School of Administration and Stanford University.
    • He held senior positions within the Rothschild Group, including President of the investment bank and Vice-Chairman of the Supervisory Board of Rothschild & Co, where he served as a director and then as a censor until 2020. He is also the Lead Director and Vice-Chairman of the Board of Directors at Rexel, one of the world's leading electrical equipment distributors, and Chairman of the Board of COPEBA, a Belgian private investment company.
    • His professional career began in the public sector at the Council of State and then at the General Directorate of Telecommunications. He later transitioned to the private sector, working at Compagnie Bancaire, Paribas, and for the past 20 years, at the Rothschild Group.
    • Additionally, he is a co-author of several books, including a work titled "Le Banquier et le Philosophe" which focuses on the financial crisis of 2007/2008.
    • YAMELKI FEDALA
    • Developed on a land area of 3 ha and located in a strategic location at the entrance of Mohammedia, the Yamelki Fedala project includes 655 housing units.
    • The project integrates multiple local shops and landscaped living spaces for its residents, as well as public and private facilities: a primary school, a hammam, and a multipurpose hall.
    • The project is accessible via many roads and various public transportation.
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    • HAY AMLAK BERNOUSSI
    • Amlak Bernoussi is working on the creation of a new residential neighborhood with more than 5,000 housing units and a wide range of public and private facilities: school, middle school, police station, mosque, sports field, human development center, health center, ground floor shops, covered market... All of this occupies a land area of about 22 ha.
    • The project aims to create a real urban pole that creates value and well-being. Located in a strategic location, it benefits from privileged road access.
    • Particular attention is paid to the development of equipment and proximity services to contribute to the improvement of the quality of life of its residents and the sustainable development of the sector.
    • RESIDENCE MINA
    • Residence Mina embodies a new vision of urbanism where living is pleasant. The future potential of the neighborhood - at the intersection of the Laymoun villa zone and the urban poles of Casa Anfa and El Oulfa - brings together serenity, proximity, and dynamism.
    • As the only pedestrian, closed and secure residence on 3 floors in the heart of Casablanca, the project includes 6,000 m2 of green spaces, a swimming pool, and 2 playgrounds.
    • The apartments on upper floors have a spacious balcony and are available in 2, 3, or 4 bedrooms, while those on the ground floor open onto a private garden.
    • The building isHQE, certified, ensuring acoustic and thermal comfort for everyone.
    • METROPOLITAN HOTEL
    • This new high-end building stands elegantly on the historic site of the Arènes in the heart of Casablanca, in the lively Racine district and at the heart of the Triangle d’Or. Luxury and lifestyle are the concepts highlighted in the design of this project.
    • The ground floor offers new outdoor terrace spaces, while the top floor contains a reception area with a rooftop and a breathtaking view of the city.
    • For its first hotel project, Yamed Group offers a 5-star establishment, where every architectural detail is carefully crafted for a luxurious experience in the heart of Casablanca.
    • METWORK
    • Metwork is designed to be the perfect working spot in Casablanca. With its high-tech offices, the project offers a new exclusive, urban, and trendy living environment in the Triangle d’Or district.
    • The Metwork offices have been designed with special attention to natural lighting and acoustic and thermal comfort. The layout allows for flexible opening and closing of workspaces.
    • As part of a sustainable development approach, the project is HQE and WELL GOLD certified.
    • METROPOLITAN CASABLANCA
    • Located in the heart of the Triangle d’Or, Metropolitan is the new urban destination of Casablanca, which aims to contribute to shaping the urban landscape and its future. In addition to the residential component, this mixed-use project will include a 5-star hotel, office floors, shops, and restaurants.
    • These high-end apartments are organized around a central patio of 1,200 m2, a rooftop dedicated to residents, and shops and services at the foot of the building.
    • As part of a sustainable development approach, the project is HQE Exceptional certified.
    • TERRE OCEANE APARTMENTS
    • Terre Océane Apartments is a closed and secure residence in R+2, exclusively pedestrian with direct access to the beach. The project, built on a 3.2-hectare plot, includes 1.2 hectares of green spaces.
    • The residence offers apartments and duplexes with 2 to 4 bedrooms, with solariums or private gardens.
    • As part of a sustainable development approach, the project is HQE Exceptional certified, maximizing natural light and using durable and easy-to-maintain materials.
    • TERRE OCEANE VILLAS
    • Terre Océane is located in the heart of the Anfa district, 500 meters from the Morocco Mall. The project includes two closed and secure residences of semi-detached villas with green spaces and playgrounds for children, and plots of land for detached villas spread over an area of 12 hectares.
    • In the project's reflection, the fluidity of the design, the sobriety of the tones, and the subtle mix of materials (wood, metal, mineral) create a pleasant and warm setting.
    • As part of a sustainable development approach, the project is HQE certified, maximizing natural light and using durable and easy-to-maintain materials.
    • CREDIT DU MAROC HEADQUARTERS "LES ARENES"
    • Credit du Maroc and Yamed Construction signed a turnkey delivery contract for the bank's new headquarters, "Les Arènes."
    • Located in the heart of Boulevard Anfa in Casablanca, this building extends over an area of 13,000 m2 and is built on 8 levels (R+7) and 2 basements.
    • Yamed Construction provided a complete custom service that includes project study, design, and implementation.
    • The site has HQE certification with a 'very good' level of performance in terms of building integration with its environment, energy efficiency, comfort, and quality of life for its users.
    • Particular attention has been paid to the landscape design, developed with a view to integration into Casablanca's urban environment through a common floristic character inspired by the region's biological identity.
    • APARTHOTEL ADAGIO CASABLANCA CITY CENTER
    • The Aparthotel Adagio Casablanca City Center is located on Bir Anzarane Avenue in Casablanca.
    • It is a turnkey construction contract that integrates design, programming, construction, and delivery.
    • The project includes around 100 rooms, as well as meeting and conference rooms.
    • VILLA YAMED
    • Located in the heart of the Anfa district, this building reflects the concepts of the next-generation office, where collaboration, connection, and exchange among colleagues are essential for creativity and productivity.
    • The original and innovative building design was influenced by the omnipresent vegetation and sea view.
    • The interior space features a true innovation, with a removable glass skylight that allows natural ventilation and optimal air circulation in different workspaces.
    • The colors, layout, and presence of informal spaces for relaxation and social interaction make this building an exceptional workplace and exchange location in Casablanca.
    • Villa Yamed is a project designed by LUMIERE Architectures, a creation workshop of Yamed Group dedicated to architecture and design.
    • METWORK
    • Metwork is designed to be the perfect working spot in Casablanca. With its high-tech offices and stylish nomadic coworking spaces, the project offers a new exclusive, urban, and trendy living environment in the Golden Triangle.
    • The Metwork offices have been designed with special attention to natural lighting, as well as acoustic and thermal comfort. The layout allows for flexible opening or closing of workspaces.
    • In line with sustainable development principles, the project is certified HQE and WELL GOLD, emphasizing its commitment to environmental and wellness standards.
    • METROPOLITAN HOTEL
    • This new high-end building elegantly stands on the historic site of Les Arènes in the heart of Casablanca, in the lively Racine neighborhood and within the Triangle d’Or. Luxury and lifestyle are the key concepts highlighted in the design of this project.
    • The ground floor offers new outdoor terrace spaces, while the top floor features a reception area with a rooftop providing breathtaking views of the city.
    • For its first hotel project, Yamed Group presents a 5-star establishment where every architectural detail is meticulously crafted for a luxurious experience in the heart of Casablanca.
    • MARRAKECH PRIVATE UNIVERSITY HOSPITAL
    • Investments in the healthcare and education sectors are part of the asset classes developed by Yamed Group. The Marrakech Private University Hospital is a perfect example of this.
    • The facility, built on an area of approximately 26,500 m2, has over 160 beds, 16 specialties, and 6 centers of excellence.
    • Another significant advantage is its state-of-the-art technical facilities, which ensure performance and attract and reassure patients.
    • Gilbert Plumerel
    • Strategic Advisor
    • Gilbert Plumerel has more than 30 years of experience in real estate development.
    • He joined Yamed Construction in 2013 as Technical Director after directing the technical department of Cogedim, a leading French real estate developer, for 29 years.
    • In this role, he has completed numerous iconic buildings for French and foreign institutional investors, including Tour First (AXA Beacon Capital Partner), Opus 12 (AXA), the headquarters of Canal+, Fondation Cartier, place du marché Saint-Honoré (Paribas), and the headquarters of Groupama, among others.
    • Vincent Pavanello
    • Strategic Advisor
    • Vincent Pavanello co-founded the Real Estech association in 2016, which brings together 300 real estate startups in Europe.
    • In 2017, he published the book L'Immobilier demain, the first work dedicated to the impact of digital technology on real estate and construction professions.
    • In 2019, he also served as a rapporteur for the mission on accelerating innovation in housing, entrusted by Julien Denormandie, the French Minister of Housing. He teaches at Sciences-Po Paris and has spoken at over 100 conferences around the world.
    • After studying at ESCP Europe, Vincent Pavanello began his career in a Parisian family office specializing in real estate investment in Europe.
    • He now heads ReT Conseil, which advises ten executives in the real estate sector in France, Switzerland, Morocco, and Canada. He is also a Venture Partner in a venture capital fund managed by LBO France.
    • Karima Zaouia
    • Co-Head of Property Development
    • Karima Zaouia has 13 years of experience in asset management and real estate investment.
    • She joined Yamed Group in 2015. She co-leads the Property Development division and manages several real estate development projects for the Group.
    • Before joining Yamed Group, Karima worked for nearly 5 years at Unibail-Rodamco Group in Paris (European leader in commercial real estate) as Director of Investments, where she was in charge of managing a portfolio of office and hotel assets worth approximately 1 million euros located in France and the Netherlands.
    • She was involved in all stages of an asset's life cycle from acquisition and development to sale. She was responsible for optimizing the financial performance of assets, steering restructuring projects, and sales processes. She also negotiated leases, SPAs, LOIs, etc. with tenants (CAC 40 companies) and investors and worked on acquisition opportunities.
    • She then joined Allianz Real Estate Group in Paris as a Senior Asset Manager to manage a portfolio of real estate assets (offices, shopping centers, and residential) for various insurance companies within the Allianz Group. She led a team of 4 people.
    • Karima Zaouia holds a degree from École Centrale Paris after completing her preparatory classes at École Sainte-Geneviève in Versailles. She also holds a Bachelor's degree in Applied Economics from Université Paris IX Dauphine.
    • She is fluent in French, English, and Arabic.
    • Zineb Masrour
    • Co-Head of Investment Management
    • Zineb Masrour has 10 years of experience in real estate and 5 years in corporate finance investment banking.
    • She joined Yamed Group in 2013. As Co-Head of Investment Management, co-leads the Investment Management division of Yamed Group.
    • In this role, she coordinates all investment and development initiatives for Yamed Group's clients. She began her career in Paris in the Mergers & Acquisitions departments of Crédit Agricole and then La Compagnie Financière Edmond de Rothschild before joining CFG Group in Casablanca in the Corporate Finance department, where she worked for nearly four years.
    • Zineb then joined CBRE Group in Casablanca in 2010, where she headed the Investment and Capital Markets departments. Throughout her professional career, she has participated in numerous complex and varied advisory missions, including acquisition operations, financial and legal structuring of various real estate projects, raising equity funds through private placements, and raising bank debt.
    • Zineb Masrour holds a Master's degree in Management Sciences with a specialization in Finance from Université Paris IX Dauphine and a Master's degree in Financial Engineering from EM Lyon Business School.
    • She is fluent in French, English, and Arabic.
    • Hicham Lazraq
    • COO - Chief Operating officer
    • With 16 years of experience in finance, investment, and real estate asset management, Hicham Lazraq joined Yamed Group as Chief Operating Officer.
    • Prior to joining Yamed Group, Hicham spent five years at CBRE Global Investors in Paris, where he oversaw the financial portfolio management of two pan-European "Value-Add" funds (with assets in Germany, Austria, Belgium, France, Italy, and the Netherlands) for US and European pension funds.
    • He was responsible for investment strategy implementation and monitoring, investor relations, performance management, and bank debt management.
    • Hicham began his career at PwC in Paris, where he spent two years in Corporate Finance and three years in the Real Estate Transaction Services team, advising French and international investors on acquisitions and disposals of real estate portfolios.
    • Hicham holds a degree from the Ecole des Hautes Etudes Commerciales (HEC Paris) and a DESS in Business Law and Taxation from Université Paris I - Panthéon-Sorbonne, as well as a DESCF (Diplôme d’Études Supérieures Comptables et Financières).
    • He is fluent in French, English, Arabic, and Spanish.
    • Franck Coudert
    • Co-Head of Investment Management
    • With over 20 years of experience in investment operations and asset management, particularly in the real estate sector, Franck Coudert joined Yamed Group in 2021 as the Co-Head of Investment Management.
    • In this role, he co-leads Yamed Group's Investment Management division, overseeing all investment and development initiatives for Yamed Group clients. Prior to joining Yamed Group, Franck began his career as a lawyer in the Corporate/M&A departments of Ashurst and Reed Smith in Paris before becoming a partner at Clifford Chance and DLA Piper in Casablanca.
    • Throughout his career, Franck has advised numerous investment funds, financial institutions, and companies in their investment operations, including providing guidance to Yamed Group on all its strategic operations over the past five years. He also has significant experience in structuring funds and investment vehicles.
    • Franck holds degrees from the London School of Economics (Real Estate Economics and Finance), Georgetown University (LL.M.),
    • Université Panthéon-Sorbonne (DEA in Business Law), and Université Paris II Panthéon-Assas (Master's in Business Law and Taxation) and is admitted to the Paris and New York bars.
    • He is fluent in English and French.
    • Karim Beqqali
    • Président
    • Karim Beqqali has over 16 years of experience in real estate.
    • He began his career at Nexity in Madrid in Investment before joining CBRE, where he had the opportunity to train in various real estate professions, first with CBRE London (City Investment Desk), then with CBRE Dubai at the time of the launch of the Middle East subsidiary and finally with CBRE Madrid.
    • In 2006, he created the CBRE subsidiary in Casablanca responsible for the North Africa region, where he became General Manager. He was also a member of the Management Boards of CBRE MENA (Middle East & North Africa) and CBRE Spain.
    • Under his leadership, CBRE Casablanca grew from 2 to 38 employees in 7 years and became a leader in the region in all its fields. Karim then became CEO of Yamed Group and its subsidiaries.
    • Karim is a graduate of ESSEC Business School in Paris, having completed his preparatory classes at the Ecole Sainte-Geneviève in Versailles. He also holds the "High Potentials Leadership Program Graduate" from the Harvard Business School in Boston.
    • He is fluent in French, English, Arabic, and Spanish.
    • Emilie d’Avout
    • Co-Head of Property Development
    • Emilie d'Avout has 14 years of experience in real estate.
    • She joined Yamed Group in 2013 and co-heads the Property Development department, overseeing several real estate development projects managed by the Group.
    • Emilie began her professional career at CBRE in Spain before joining CBRE Casablanca in June 2007. In 2010, she was appointed Director of the Expertise and Consulting departments covering the North Africa region. In charge of operational and administrative aspects and financial reporting for all appraisal and consulting missions (evaluations, market studies, feasibility studies, asset optimization studies), she led a dedicated team of 8 consultants.
    • Emilie d'Avout is a member of the Royal Institution of Chartered Surveyors (MRICS) and holds a Master's degree in International Business (double degree from IAE Bordeaux IV and the University of Pamplona, Spain). She complemented her real estate training with the Advanced Diploma in Economic and Legal Studies Applied to Real Estate, Construction, and Housing (ICH Paris INAU Rabat).
    • She is fluent in French, English, and Spanish.
    • Jean-Louis Delvaux
    • Non Executive Director
    • Jean-Louis Delvaux began his career at the World Bank in Washington in 1970 as an Investment Officer at the International Finance Corporation, a position he held for 5 years.
    • In 1975, he then joined the Private Equity sector, which was emerging in Paris at the time. He first worked as an investor at Groupe IDI (from 1975 to 1980), and later as the founder and Administrative Director of the Institute for the Development of Agricultural and Food Industries, an investment fund focused on the agri-food industry.
    • He joined Natixis Private Equity in 1990, where he held various responsibilities until 2010 within the funds managed by Natixis Private Equity in Europe, China, India, Brazil, and the United States, where he contributed to the launch of their activities. He notably served as Executive Vice President in charge of International Affairs, Deputy CEO in charge of International Development at Natixis Private Equity, Chairman of the Board and Supervisory Board of Natexis Private Equity International.
    • He has also served as Director of the European Private Equity & Venture Group Association and the French Association of Capital Investors.
    • Among his other experiences, he held the positions of Secretary General at Financière Saint Dominique (from 1990 to 1995) and Executive Director at Compagnie Financière Jean-Paul Elkan (from 1996 to 1999).
    • Jean-Louis Delvaux is a graduate of HEC Paris and holds an MBA from Columbia University.