Interview. Nawfal Bendefa: “The acquisition of Akdital Immo creates immediate value for Aradei Capital”

Interview. Nawfal Bendefa: “The acquisition of Akdital Immo creates immediate value for Aradei Capital”
Interview. Nawfal Bendefa: “The acquisition of Akdital Immo creates immediate value for Aradei Capital”

Nawfal Bendefa
CEO of Aradei Capital

Aradei Capital CEO reveals his company’s strategies and outlook following the full acquisition of Akdital and BFO Foncière’s stake in Akdital Immo. Between investment opportunities, financial impacts and societal commitment, he explains how Aradei Capital continues to position itself as a key player in the healthcare sector in Morocco.

Can you explain to us the strategic reasons behind the total acquisition of Akdital and BFO Foncière’s stake in Akdital Immo?
The health sector has always been considered strategic for the real estate company, both for its growth potential and for the societal and economic impact it represents for our country. Aradei Capital has built, through the partnership with Akdital and BFO, five beautiful care units in the cities of Tangier, El Jadida, Agadir, Safi and Salé, thus offering a capacity of more than 1,000 beds. The repurchase of the minority shares comes after the finalization of this development phase with the commissioning of the health establishments.

What financial impact will this 268 million dirham transaction have on Aradei Capital in the short and medium term?
This transaction creates immediate value for Aradei Capital in terms of results, not only for 2024 but also for the coming years. The closing will take place after the authorization of the Competition Council.

What are Aradei Capital’s plans for the future development of healthcare facilities owned by Akdital Immo?
With a portfolio of five operational healthcare facilities, Aradei Capital is also a minority shareholder in the OPCI Syhati Immo SPI, an investment vehicle that holds real estate assets under development dedicated to healthcare across several cities in the Kingdom (including Errachidia, Benguerir, Dakhla, Guelmim) and which will also be leased to the Akdital Group under long-term lease contracts. As a diversified real estate company that works with multiple partners in several sectors, we will continue to study investment opportunities with the aim of supporting the healthcare offering and meeting the challenges of the healthcare market in Morocco.

How do you see the collaboration with Akdital after their withdrawal from the shareholding of Akdital Immo?
As mentioned, this transaction is neither the end of our collaboration with Akdital nor the end of our investments in the health sector. The partnership with Akdital is still present on the units held by the real estate company. Our collaboration has also continued on the new OPCI Syhati Immo SPI vehicle that I mentioned above.

What will be the main changes in the management of healthcare facilities under the full ownership of Aradei Capital?
There will be no changes in the management of the healthcare facilities. Aradei Capital owns the walls of the assets, which are operated and operated by Akdital, as was the case when Aradei Capital was a 51% shareholder of the company.

How do you plan to maintain or improve the performance of Akdital Immo’s real estate assets in the long term?
The yield is growing across all current agreements of course.

Does Aradei Capital have similar future investment plans?
Aradei Capital is currently studying several investment opportunities in different sectors. These investments could either be made 100% by the real estate company or be open to co-investors, as was the case for Akdital Immo. Aradei Capital always plays the role of sponsor on real estate, and also a development accelerator for our operator partners. We rely on the expertise of our development and asset management teams for the development, start-up and operational management of assets as well as on the experience of the management company for sourcing, investment execution, structuring and governance of vehicles.

What will the proceeds of the capital increase be used for in concrete terms?
As you have noticed, the amount of the capital increase is quite similar to the amount of the repurchase of minority shares. Our promise to our shareholders is to call on equity when the deployment of funds is almost identified. We are also very attentive to managing the balance of the use of funds to develop, between debt and equity. Which, of course, makes us an active player in the capital market.

Sanae Raqui / ECO Inspirations

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