ARADEI CAPITAL

BRICKS FOR BUSINESS.

ARADEI CAPITAL: A STRONG « EQUITY STORY ».

Aradei Capital, formerly Vecteur LV, was born out of the outsourcing of LabelVie group (“LBV”) real estate activity in 2013. LBV is the exclusive franchisor of Carrefour in Morocco and the second largest retail chain in the country.

  • 2015

    • The Company opened its capital to the EBRD for a capital increase of 480 MMAD to finance the growth.
    • The Company entered into a management mandate with REIM Partners with a view to becoming a key player in the real estate market while complying with international REITs standards.
    • The Company absorbed Petra, a developer and owner of shopping centers, and proceeded with the acquisition of a development and property management company (Aradei Real Estate Services).
    • Two new shareholders joined the Company.

    2016

  • 2018

    • Vecteur LV became Aradei Capital in 2018 and has since continued its investment plan to build a diversified portfolio in Morocco.
    • The Company launched its first operation on the market in the form of a bond issue of 600 MMAD.
    • The transaction was oversubscribed 15 times.
    • The Company acquired an industrial unit in Meknes, Yazaki: a first step in its diversification strategy.
    • The Company launched a new retail brand “Sela” for its retail plaza and retail parks (5 openings between 2019 and 2020).

    2019

  • 2020

    • PIC invested MMAD 490 in the Company on behalf of the South African Government Employees Pension Fund (“GEPF”) (13% stake).
    • AMMC approved the commercial paper issuance program in January 2020 (up to 500 MMAD). Two lines of credit were issued in April for 150 MMAD.
    • Between 2019 and 2020, the company implemented and delivered 6 projects, namely Sela Plaza Dar Bouazza, Sela Plaza Targa, Sela Park El Jadida, Atacadao Inezgane, Sela Park Temara and Sela Park Agadir for an overall investment cost of more than 600 MMAD and 60 000 m² of GLA.

    2019 - 2020

  • NOVEMBER 2020

    • The Company made a global investment of more than 2.8 billion MAD since its new mission in 2015.
    • IPO of Aradei Capital for a total amount of 600 MMAD.
    • The transaction was 4.3 times oversubscribed.

    DECEMBER 2020

  • MARCH 2021

    Strategic acquisition of OPCI CLEO PIERRE SPI-RFA shares

    A two-part operation:

    • (i) acquisition by Aradei Capital of “CLEO PIERRE SPI-RFA” shares for an amount of nearly 557 million dirhams;
    • (ii) BMCI’s entry into Aradei Capital’s capital to the tune of just under 5%. The portfolio is made up of 103 bank’s retail branches leased to BMCI under long-term lease contracts for a valuation of 620 million dirhams.

  • Signing of a strategic partnership with Akdital Holding and BFO Partners in the private healthcare sector

    SEPTEMBER 2021

  • NOVEMBER 2021

    Signing of a strategic partnership with Akdital Holding and BFO Partners in the private healthcare sector

  • Closing of the JV in the healthcare sector. Aradei Capital takes a 51% majority stake in Akdital Immo a real estate platform with an identified of pipeline of 1 bn MAD (over 2021-2023) to fund 900 beds in capacity located in 7 cities across Morocco (with one operating asset since June 2021). These assets are leased to AKDITAL HOLDING under long- term lease.

    JANUARY 2022

  • NOVEMBER 2022

    Raising of 250 MMAD within the approved capital increase (up to 500 MMAD) in order to continue financing the pipeline in progress including (i) the healthcare facilities with Akdital holding and (ii) the expansion of the Sela retail brand.

  • Consolidation of the company’s E&S strategy under the Bricks for Impact program and deployment of an E&S action plan with measurable KPIs.

    MARCH 2023

  • JULY 2023

    Issuance of a private placement bond for 600 MMAD in order to : i) optimize and diversify funding sources, and ii) finance new investments.

  • Raising of 250 MMAD through a capital increase, oversubscribed 4.5 times.

    JUNE 2024

  • OCTOBER 2024

    Purchase of the minority stakes held by Akdital (31.85%) and BFO Foncière (17.15%) in Akdital Immo for 268 MMAD.

    Raising of 400 MMAD through a second capital increase reserved for Moroccan and international investors.