OPCI Morocco — valuation and IFRS 13 fair value

Law 70-14 and implementing texts. AMMC (Moroccan Capital Markets Authority) approves management companies and OPCIs, supervises periodic valuation. Two categories: retail OPCI (open subscriptions, reinforced prudential constraints) and reserved OPCI (institutionals, family offices, foreign REITs).

« The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. » Definition convergent with IVS 104 Market Value RICS Red Book Global Standards 2025 — simplifies accounting/expertise articulation.

Level 1: quoted prices in active market for identical asset — almost never applicable to Moroccan real estate. Level 2: directly or indirectly observable inputs for similar assets — applicable via documented comparable transactions. Level 3: unobservable inputs (internal models: DCF, operator hypotheses) — most used in Morocco due to limited institutional segment liquidity. OPCIs must publish in annexes their portfolio distribution between Levels 2 and 3.

External expert designated by management company mobilises three RICS approaches: DCF over 5-10 years with terminal value; direct capitalisation (NOI ÷ cap rate) as cross-check; comparable for standard assets (Grade A offices, logistics warehouses); DRC (VPGA 5) as cross-check for bespoke assets (data center, cold storage). Retained value: reconciliation between methods with documented weighting. Explicit sensitivity (cap rate ± 50 bps, rent growth ± 1%).

Moroccan OPCI framework: at least semi-annual evaluation (often quarterly for retail OPCI). External expert is: designated by the management company, independent; RICS-compliant (Red Book 2025) and Moroccan Real Estate Valuation Charter (6th ed. 2025); periodically renewed; remunerated by management company, regardless of valuation outcome.

2026 Moroccan OPCI market: ~MAD 110 billion AUM total. Ajarinvest: leader with ~MAD 48 billion AUM (~66% market share), 11 OPCIs. Immorente Invest: industrial/logistics free-zone focus (Tangier, Kenitra). Aradei Capital: GLA 474,000 sqm in 23 cities at 31/12/2024, 8% industry portfolio share. Average OPCI yields: 6-9%.

• AMMC framework respected
• IFRS 13 hierarchy documented (Levels 2 vs 3)
• External expert designation traceable
• Three RICS approaches articulated
• Sensitivity analysis included
• Previous valuation reconciliation
• Asset-by-asset reports signed
• Methodology disclosed in annexes

• Expert remuneration linked to outcome
• Single method without cross-check
• Level 3 inputs not justified
• No sensitivity analysis
• Comparable transactions undocumented