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Rabat – Eleven years after entering the Moroccan market, Portugal-based real estate investment company Sierra Sonae has expanded its footprint in the North African country with the Aeria Mall in Casablanca.
Sierra is now in charge of the management and leasing of the new shopping mall which is part of Casa Anfa project. Located in Casablanca Finance City on the former site of Anfa airport, Aeria Mall is set to be the largest financial center in Africa with an area of 25,000 m2.
Sierra currently manages three shopping centers in Morocco as part of its property management services in addition to leasing contracts for three assets. The shopping centers include Aeria Mall, Arribat Center, and Carre Eden.
Over the past few years, the Portuguese firm managed other properties in Morocco such as the Rabat Ville and Agdal train stations, Ibn Batouta Mall in Tangier, the Marina Shopping Center in Casablanca, and the Zenata trade center in Mohammedia.
According to a recent press release issued by the Portuguese firm, the occupancy rate of Sierra’s shopping centers in Morocco remains at 97% in 2022. The company is managing 6,000 tenant contracts across 2.4 million m2 of gross leasable area (GLA) in Morocco and Europe.
In the first nine months of 2022, Sierra signed 11 new property management and 12 leasing service contracts in Morocco, Portugal, Germany, Spain, Italy, and Poland.
“We are very pleased with the significant increase in new service contracts obtained in these first 9 months of the year,” says Sierra’s Executive Director of Property Management Cristina Santos.
Eyeing expansion into mixed-use buildings and office leases, Santos says that Sierra seeks to expand its business into new countries such as Kosovo to “generate more value for everyone: consumers, retailers and partners.”
As Moroccan urban hubs expand and the public appeal for foreign goods grows, the popularity of shopping malls is set to increase to the benefit of Sierra Sonae, leading the firm to seek further expansion of its portfolio in the country.
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