OPCI: the symbolic threshold of 100 billion dirhams exceeded.

The Real Estate Investment Trusts (OPCI) sector has reached a new milestone, surpassing 100 billion dirhams in assets under management for the first time. Since the launch of the first OPCI management company in 2019, this market has experienced continuous growth. After exceeding the 10 billion dirham mark in assets in 2021, it stabilized around 50 billion between 2022 and 2023 before entering a new phase of acceleration. This growth has recently been supported by the State, which leverages OPCIs as a tool to free up financial capacities, as well as by institutional investors attracted by the opportunities offered by this investment product.

With a size representing nearly one-sixth of the Collective Investment Schemes in Transferable Securities (UCITS) market, the OPCI sector stands out for its impressive dynamism and remarkable growth potential. The State plays a central role in this expansion by adopting OPCIs to diversify its financing mechanisms. By 2025, it is projected that over 30 billion dirhams will be raised through these funds, further enhancing their appeal to investors. Moreover, in a context marked by declining bond yields, OPCIs have emerged as an attractive alternative. They often provide higher returns than treasury bonds while relying on high-quality underlying assets, which mitigates risks. These characteristics, combined with revenues from solid public and private counterparties, give OPCIs a notable competitive edge over traditional fixed-income products.

The development of OPCIs is also underpinned by stringent oversight from the Moroccan Capital Market Authority (AMMC). Similar to other regulated asset classes, this strict framework ensures transparency and stability within the sector, attracting a diverse institutional clientele. To date, the market remains predominantly dominated by qualified investors, though a few individuals also participate.

The real estate assets held by OPCIs are characterized by high occupancy rates, ensuring secure returns. According to 2024 data published by the AMMC, the physical occupancy rate for all managed OPCIs exceeds 90%. Among the most successful categories are administrative buildings, tourist and leisure establishments, and properties dedicated to education or training. However, OPCIs with diversified investment strategies show an average rate slightly below the overall market average.