Moroccan real estate firm Aradei Capital is accelerating its shift beyond traditional retail, leveraging 47 million annual visits in 2025 to position itself as a key player in Morocco’s evolving urban infrastructure landscape.

Listed on the Casablanca Stock Exchange, the company manages a diversified portfolio of 35 assets across 23 cities, totaling more than 506,000 sqm of gross leasable area (GLA). Its assets are now valued at MAD 8.5 billion ($912.23 million), reflecting a 7% year-on-year increase, as the group expands into mixed-use developments and service-driven real estate.

From footfall to economic value

Aradei’s strategy is increasingly centered on converting high visitor traffic into measurable economic performance. Visitor numbers rose by 9.3% from 43 million in 2024 to 47 million in 2025, reinforcing the company’s focus on engagement rather than simple occupancy.

While rental income remains the backbone of the business, it went up by 7% in 2025, reaching MAD 647 million in 2025 ($70 million). The company is investing in data analytics to better understand consumer behavior, tracking metrics such as dwell time, repeat visits and cross-usage between services.

This approach enables tenants to tap into a more predictable and active customer base, while strengthening asset performance. Operational indicators remain strong, with occupancy and rent collection rates both at 97%, underscoring portfolio resilience.

Reducing reliance on traditional retail

As e-commerce reshapes shopping habits, Aradei is diversifying into sectors less exposed to digital disruption. Its portfolio now spans retail (69%), healthcare (18%), industrial (7%), and offices and high street assets (6%).

A key milestone in this transition was the opening of Sela Park Casablanca in November 2025, a 30,000 sqm retail and leisure destination where nearly a third of space is dedicated to entertainment. The site reflects a broader strategy of repositioning assets as multi-purpose destinations rather than purely shopping venues.

This shift continued in early 2026 with the launch of the “WAW” family entertainment center, a 4,000 sqm concept designed to increase dwell time and diversify revenue streams.

Mixed-use expansion drives resilience

Aradei is also scaling up its mixed-use development pipeline, integrating residential, office and leisure components into its assets.

Among its flagship projects includes a 60,000 sqm mixed-use development at the southern entrance of Casablanca, and a 55-unit residential project adjacent to Sela Park Dar Bouazza, scheduled for delivery in 2026.

This diversification is designed to balance cyclical exposure. While retail performance can fluctuate with consumer spending, healthcare and office segments provide more stable, recurring demand, improving overall portfolio resilience.

Solid financial performance

The company reported steady financial growth in 2025, supported by operational momentum and recent asset openings, with revenue up by 7% to MAD 647 million in 2025 ($70 million), EBITDA rising by 6% to MAD 475 million ($51 million), funds from operations (FFO) increasing to MAD 322 million ($35 million), and an EBITDA margin of 73.5%.

Rental income accounted for the bulk of revenues at MAD 609.9 million ($65.45 million), highlighting the continued strength of its core leasing business.

Aradei also maintained a disciplined balance sheet, with EPRA loan-to-value at 32.6%, down from 34.1% a year earlier, supported by diversified financing across bank debt, bonds and commercial paper. The board has proposed a dividend of MAD 23 per share, up from MAD 22 the previous year.

Asset optimization and new revenue streams

Beyond expansion, Aradei is focusing on enhancing existing assets. Renovation programs are underway at major shopping centers, including Almazar (37,000 sqm) and Borj Fez (27,000 sqm), aimed at modernizing spaces and improving customer flow.

At the same time, the company is developing non-rental revenue streams, notably through its “Elevate” retail media platform, launched in October 2025. The initiative monetizes advertising across high-traffic areas, offering brands targeted access to consumers within Aradei’s ecosystem.

Toward an integrated urban platform

Aradei’s evolution reflects a broader shift in Morocco’s real estate sector—from standalone retail properties to integrated urban platforms combining commerce, services and lifestyle functions.

Its assets are increasingly designed as hubs where people shop, access healthcare, work and socialize, aligning with changing urban consumption patterns.

The company is also advancing its sustainability agenda. It has joined the IFC’s EDGE Champions network and certified key assets, including Sela Park developments, reinforcing environmental standards across its portfolio.

Scaling toward 2030

Looking ahead, Aradei is targeting significant expansion under its long-term strategy. The group has outlined a MAD 3.3 billion (4354.22 million) investment pipeline, with ambitions to reach MAD 1 billion ($107.34 million) in revenues and approximately MAD 500 million ($54 million) in FFO by 2030.

Growth in the near term is expected to be driven by new project deliveries, alongside continued expansion in leisure and retail media.

With rising footfall, a diversified asset base and an expanding mixed-use pipeline, Aradei Capital is repositioning itself from a traditional landlord into a platform for urban economic activity, where value is driven as much by engagement and services as by real estate itself.