South Africa's Public Investment Corporation acquires a 13% stake in Morocco’s Aradei Capital

The Public Investment Corporation (PIC), an asset management company owned by the government of South Africa, has acquired a 13% stake in Morocco’s Aradei Capital for $50m.

According to a press release, the South African company «joins other reputable investors in Aradei Capital that include the European Bank for Reconstruction and Development (EBRD), Label’Vie (LBV), a food retailer and franchisee of the Carrefour brand in Morocco, SANAM Holding and Best Financière which has interests in large and medium retail properties in Morocco».

The company clarified that this operation is a mixed capital increase in the context of a partial block-sale of shares by the European Bank for Reconstruction and Development (EBRD).

Aradei Capital is a Moroccan real estate company whose main activity revolves around the acquisition, operation and development of real estate assets with a view of generating long-term rental income. It has a portfolio of 29 assets distributed in 15 cities in the Kingdom.