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Aradei Capital Drives 6% Sales Growth with Elevated Occupancy and Major Development Projects

Aradei Capital reported a 6 % increase in consolidated IFRS revenue to 470 MMAD by September 30, 2025, driven by robust retail and health rental income. The company’s operating metrics – a 97 % occupancy rate and 102 % visitor traffic – underscore the resilience of its portfolio. Key construction milestones include the near‑completion of Sela Park Casablanca, the launch of a new flagship 55 000 m² project at southern Casablanca, and ongoing upgrades to Almazar and Borj Fez shopping centres.

November 27th, 2025
2 min read
By boursenews.ma

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Operational Performance

Aradei Capital’s consolidated IFRS revenue reached 470 MMAD by 30 September 2025, up 6 % from 443 MMAD in the same period last year, driven by strong rental income from its retail and health assets. The company reported a 97 % occupancy rate and a 102 % increase in visitor traffic compared to the end of September 2024.

Key Projects

  • Sela Park Casablanca (30 000 m²) – construction completed and opening planned for November, with an expected leasing rate above 80 %.
  • Flagship 55 000 m² development – construction continues at a strategic southern Casablanca site.
  • Almazar (34 000 m²) and Borj Fez (25 000 m²) renovations – part of a broader initiative to enhance and modernise the customer experience at these two assets.

Financial Highlights

  • Social revenue: 159 MMAD on 30 September 2025, up from 149 MMAD in 2024.
  • Total investments: ~200 MMAD as of 30 September 2025 versus 287 MMAD in 2024, mainly tied to the completion of Sela Park and the flagship project.
  • Gross debt: 3.251 MMAD at 30 September 2025, slightly lower than 3.343 MMAD in 2024 (32 % bond debt, 68 % bank debt).
  • Net debt: 2.814 MMAD at 30 September 2025, up from 2.529 MMAD in December 2024.

Capital Structure & Outlook

The company maintains a solid and optimised financial structure, positioning it well for continued growth and successful execution of upcoming development projects.

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