he real estate company Aradei Capital published its first-half 2026 accounts on September 24: consolidated revenue of 393 million dirhams, up 28%, including 60 million in non-recurring income from the delivery of twenty-three of the fifty-five villas in its residential program attached to Sela Plaza Dar Bouazza. Excluding property development, the rental business grew 8% to 334 million, driven by organic growth and the opening of Sela Park Casablanca at the end of 2025, while consolidated EBITDA rose 6% to 244 million and adjusted FFO 5% to 163 million. The portfolio of thirty-five assets, valued at about 8.5 billion dirhams, was 97% occupied.
The company confirmed its financial trajectory for 2026 and is pursuing the roadmap presented at its Capital Markets Day in January, which plans 3.3 billion dirhams of investment to lift the portfolio to 11.3 billion and FFO to around 500 million by 2030. Two Casablanca projects carry most of it: a 60,000 m² mixed-use flagship under construction at the city’s southern entrance, and a plot bought in early July in the Casa Anfa district for a project combining retail, offices and housing. Gross debt stood at 3.66 billion dirhams, for a loan-to-value ratio of 38% against 34.1% at the end of 2025. As for the WAW leisure concept, opened in January at Sela Park, it will next reach Borj Fez and then Socco Alto.
Photo: the Borj Fez shopping mall in Fes, one of Aradei Capital’s assets. Robert Prazeres, CC BY-SA 4.0.
Aradei Capital - Communication financière au 30 juin 2026 (AMMC)
Médias24 - Aradei Capital: 70% de la feuille de route 2030 déjà sécurisés
Wikimedia Commons - Borj Fez shopping mall DSCF6347, Robert Prazeres, CC BY-SA 4.0
