Immorente Invest is doubling down on its strategy to dominate the premium real estate market, delivering solid first-quarter results that reflect both its ambition and focus. With high-profile tenants like Faurecia, Huawei, and Société Générale occupying its properties, the firm posted a revenue of 20.2 million dirhams for the first three months of 2025, marking a 12% increase compared to the same period last year.
This growth was driven by carefully selected projects, including the recent expansion of Faurecia’s factory and the introduction of new office space that hit the market late last year. By methodically broadening its portfolio, Immorente has been able to tap into strong rental demand while maintaining a disciplined financial framework.
As of March 31, the company’s Loan to Value ratio stood at a conservative 24%, underscoring its cautious approach to debt. With 337.5 million dirhams in gross debt and 38 million in available cash, Immorente maintains enough financial flexibility to support its shareholder return strategy. In April, the company distributed 1 dirham per share, with another 2.2 dirhams scheduled for June 26, adding up to an annual yield of 5.2 dirhams per share for 2024.
Looking beyond existing assets, Immorente is actively investing in customized developments. A major project underway is a new manufacturing facility for Skylla, currently being built in the Atlantic Free Zone. The development, which comes with a price tag of around 50 million dirhams, is expected to be completed in the third quarter.
For the full year, Immorente is projecting revenue growth between 8% and 10%, fueled by the increasing contribution of its latest investments. The company is holding steady on its Funds From Operations (FFO) forecast of 5.3 dirhams per share for 2025, which translates into an estimated yield of nearly 6%, based on the average share price in Q1.
As of the end of March, standalone revenue came in at 8.9 million dirhams. In terms of asset allocation, industrial properties make up the largest segment of the portfolio, accounting for 50% of total investments, followed by office space at 30%, healthcare assets at 16%, and retail at 4%.
