EFTA02715680.pdf

From: Marc Leon < Sent: Saturday, July 11, 2015 9:25 AM To: jeffrey E. Subject: RE: Attachments: Bin Mechanicals Staff.15.07.10.docx; Bin Ennakhil.png Dear Jeffrey, Very difficult exercise for a Saturday =orning ! Marrakech is still now a very tiny market =or high end properties. It may change in some years or more with the =onstruction and then their sale of huge properties. =o:p> As comps, we have only 3 properties in =arrakech: =/span>Bab Atlas on 50 acres with 220 000 sq. =eet built up, the property bought 3 years ago by Sheikh Khalifa Al =hani. This property was listed at 100 million € and the price =f the transaction is unknown. =/span>Bab Atlas on 24 acres with 100 000 sq. =eet built up, Dar Olfa, listed at 65 million €. The expenses =or this property should have been around 40 million + 5 million =urniture. =/span>Bab Atlas on 21acres, with 60 000 sq. =eet built up, the new property of Mr. Rossi, developer of the two other =ne. It is not formally on the market, but Mr. Rossi would consider an =ffer at 40 million €. All these properties have the same modern =oroccan style. Not on the market and not =aluable: =/span>Prince Bandar =/span>Family Agnelli =/span>Ali Bongo The second highest sale in Marrakech, done =n the Palmeraie, was signed three months ago at 12 million €, =or an 8 acres property with 15 000 sq. feet built up. A =omfortable hotel would have been your comment. EFTA_R1_02148251 EFTA02715680 These are fact but not the right way to =aluate Bin Ennakhil. =/span>Bin Ennakhil is probably impossible the redo =oday =/span>Bin Ennakhil offers less sq. feet than other =roperties, but how many cubic feet with the 12 and 14 m high ceilings ? =illions hours work for hundreds of artists. =/span>Bin Ennakhil can only become the property of =n art lover =./span>You could valuate some Picasso by sq. inch, =ut how would you estimate the Joconde ? Google maps location: 31°40'58.7"N 7°57'54.5"W - =1.682965, -7.965142 More details about the costs will =ollow. Regards Av=nue Yacoub El Mansour Ar=et Bata 3, App. 13, 59 et. Gu=C3 liz - 40000 - Marrakech (Morocco) Tel.: Fax: Cell: 2 EFTA_R1_02148252 EFTA02715681 Ce=l: <http://www.kensington-marrakech.com/> De : Jeffrey E. =mailto:[email protected]] Envoy4 : samedi 11=uillet 2015 04:27 A : =ensington Objet : I =nderstand the property is unique I have looked at comp =ales. politial risk insurance. financial risk of =ountry. I. Not sure what i am missing. =ut i can't get close to his 50 million number. can you send =e comps in the palamerai, both for what is on the market and what =as sold. please =ote The information contained =n this communication is confidential, may be attorney-client =rivileged, may constitute inside information, and is intended only =or the use of the addressee. It is the property =f JEE Unauthorized use, disclosure or copying of =his communication or any part thereof is strictly prohibited and =ay be unlawful. If you have received this communication in error, =lease notify us immediately by return e-mail or by e-mail to [email protected], and destroy this =ommunication and all copies thereof, including all attachments. =opyright -all rights =eserved 3 EFTA_R1_02148253 EFTA02715682