In short
- An OPCI invests mainly in rental real estate and pays out income.
- It is governed by Law 70-14, with at least 60% in real estate assets.
- Your capital is not guaranteed.
How an OPCI works
According to Forvis Mazars, an OPCI holds real estate, mainly for business use, as well as financial assets. Rents are paid out to investors as dividends. It is run by a management company licensed by the AMMC.
| Rule cited | Level |
|---|---|
| Real estate assets | At least 60% of assets |
| Cash | At least 10% |
| Undeveloped land and assets under construction | At most 20% of real property |
Forms and categories
- FPI: real estate investment fund.
- SPI: real estate investment company.
- OPCI open to the general public, and OPCI with lighter rules, kept for qualified investors.
According to the AMMC, quoted by Hespress, OPCI net assets reached 85.49 billion dirhams at the end of 2023.
What about listed property companies?
The Casablanca Stock Exchange also lists companies linked to real estate, such as Aradei Capital and Immorente Invest, and developers such as Addoha and Alliances. These models differ: a rental company lives on rents, while a developer lives on selling homes. A listed share changes price every day, depending on the market.
A yield calculation
Made-up example: a building worth 10 million dirhams brings in 800,000 dirhams of rent a year and costs 200,000 dirhams in charges. Net income is 600,000 dirhams, or 6% of its value. If a unit becomes empty, this income falls, while some charges remain.
The risks
- Vacancy: units without a tenant.
- Property values: they can fall.
- Liquidity: a building cannot be sold in a day.
- Interest rates: they affect financing and property values.
- Time: this type of investment is meant for the long term.
Frequently asked questions
What is the difference between an OPCI and a mutual fund?
A mutual fund (OPCVM) invests in securities. An OPCI invests mainly in real estate. See our guide to mutual funds.
Is the income guaranteed?
No. It depends in particular on rents, charges and property values.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
