Business
Retail, Health, Industry… The Winning Strategy of Aradei Capital
Aradei Capital has adopted a diversification strategy for its portfolio since 2019, allowing it to establish a presence in several sectors and numerous cities. Moreover, it enjoys a solid financial foundation with two successful capital increases in 2024.
2024 was a year of significant dynamism for Aradei Capital. With a diversified activity portfolio nearing 8 billion DH, a commercial rental surface of 474,000 m², an occupancy rate of 97%, and a recovery rate, including arrears recovery, also at 97%, the real estate company has solid fundamentals and appreciable results at the end of 2024.
Indeed, the turnover amounts to 606 MDH, up 4% from 2023, mainly due to the performance of the company’s operational assets and revenues generated by Aradei health
Operating expenses stand at 156 MDH, growing by 10%, resulting in an EBITDA of 450 MDH with a margin of 74.2%. This leads to a FFO (Funds from Operations) of 305 MDH, up 13%. Additionally, the company strengthened its equity through two successful capital increases in 2024, totaling 650 MDH. The Loan-To-Value ratio remains controlled at 39% (33% according to EPRA standards). In line with its distribution policy, the Board of Directors will propose to the General Assembly the distribution of a dividend of 22 MAD for the 2024 fiscal year, representing an increase of +1.50 DH per share.
Portfolio Diversification
With a portfolio of 35 assets across 23 cities, Aradei Capital confirms its anchorage in the Moroccan real estate market. The result of a diversification strategy deployed since 2019, retail currently accounts for 67% of the company’s GLA, followed by health at 19%. Other segments include industry (8%), banking (5%), and offices (2%). This year, the acquisition of shares in Akdital and BFO Foncière in the Akdital Immo JV allowed the company to strengthen its positioning in the strategic health sector through a dedicated vehicle, now renamed Aradei health..
Over 85,000 m² GLA are under development
Scheduled to open in 2025, Sela Park Casablanca is a retail park located in the heart of the Almaz district, at the intersection of several major city axes. The eighth development under the Sela brand, this 30,000 m² complex positions itself as a family destination, offering a rethought experience around leisure, dining, and shopping, featuring a Carrefour hypermarket and a variety of shops. The company’s second flagship development is a mixed-use project located at the entrance of Casablanca, combining retail, office, and leisure spaces on an area of approximately 55,000 m² GLA. Work began in September 2024.
Aradei Capital will continue its investment dynamic in 2025 with strategic projects, while strengthening its presence in the health sector as a diversification axis. The company will deploy various structuring initiatives generating additional revenue while pursuing its environmental ambitions.
