Aradei Capital says business is moving in the right direction at the start of the year, with more rent coming in and more money going into new developments.
The company made 160 million dirhams in revenue by the end of March 2026. That is up from 150 million dirhams a year earlier, a rise of nearly 7%. The increase came from steady performance across its existing sites and extra income from Sela Park Casablanca, which opened in November 2025.
On its own accounts, revenue reached 57 million dirhams, compared with 51 million dirhams last year. That is an 11% increase.
Aradei Capital also stepped up its investments. It spent 129 million dirhams in the first three months of 2026, more than double the 54 million dirhams spent in the same period last year. Most of this went into a mixed-use project in Casablanca and two renovation projects.
Debt levels moved slightly lower. Total debt stood at 3.367 billion dirhams at the end of March 2026, down from 3.411 billion dirhams at the end of 2025. Net debt, which includes available cash, rose slightly to 2.853 billion dirhams, up from 2.805 billion dirhams. The company said its borrowing mix is balanced, with 60% from bank loans, 30% from bonds and 10% from short-term notes.
The company’s operations are spread across 23 cities in Morocco, with about 506,000 square metres of space available for rent. Its total property portfolio is worth around 8.5 billion dirhams.
Aradei Capital mainly makes its money from long-term rental contracts. Retail is still its main business, including shopping centres like Almazar in Marrakech and Borj Fez. It also owns around 100 bank branches rented to BMCI, which brings in steady and predictable income.
The group has expanded into healthcare through Akdital Immo. It builds and owns clinics and hospitals, then rents them out to operators. Healthcare now makes up close to 18% of its total space. It also owns industrial sites rented to companies like Yazaki and office buildings such as its Prism headquarters in Casablanca.
Day-to-day performance remains strong. Around 97% of its space is occupied and about 97% of rents are collected. In 2025, it generated 322 million dirhams in funds from operations, which reflects the cash it earns from its properties.
The company is backed by major investors. LabelVie is both a key shareholder and a major tenant. The European Bank for Reconstruction and Development is also an investor, alongside South Africa’s Public Investment Corporation, SANAM Holding, Best Financière and BMCI.
Work is ongoing on a 60,000 square metre mixed-use project at the southern entrance of Casablanca. Renovation projects are also underway at Almazar and Borj Fez to improve shops and customer experience.
At the end of January, the company opened its first “WAW” family entertainment centre at Sela Park Casablanca in the Almaz area. The site covers nearly 4,000 square metres. It includes a 10-lane bowling alley with a large interactive screen, more than 60 games, a virtual reality area and spaces for events. It is run by its subsidiary Best Leisure and is expected to expand to other cities.
On energy, Aradei Capital is working with LabelVie to install solar panels across its sites. The first phase in 2026 focuses on nine locations, covering about 25,000 square metres of rooftop space and delivering around 5 megawatts of power. Over time, the plan is to expand to 60 sites and reach up to 20 megawatts.
This work has also brought international recognition. The International Finance Corporation has named Aradei Capital Morocco’s first “EDGE Champion”. The company plans to certify at least 80% of its future projects as green buildings, 40% of its current portfolio by 2030, and 60% by 2035, with a focus on reducing energy and water use by at least 20%.
Looking ahead, the company plans to invest 3.3 billion dirhams by 2030 in new developments and upgrades. Its goal is to push annual revenue above 1 billion dirhams and grow its cash income from rents to around 500 million dirhams.
