According to the pan-African investment fund Mara Delta and the owner of the Casablanca shopping center since July 2014, the budget of $23 million or 230 Moroccan dirhams will focus on remodeling, retailing and marketing.
This pan-African investment fund operates exclusively on the continent’s real estate assets. It manages more than $480 million of investments. In addition to Morocco, it is present in Tanzania, Uganda, Mozambique and Nigeria.
The development works will start in July 2017 and the first investment returns are expected for 2019-2020. Since its inauguration and opening in 2014, the investment fund took their time to know the market and the country. The mall was bought from its developer whose concern was to fill the mall to sell better stated by the Chairman and CEO of the fund.
The restructuring of Anfa Place is already underway. The utilization of the budget for the project will be focused on three axes. The development in the design, look & feel of the mall will be accomplished by providing a brighter and more pleasant center with a smoother and more optimized transportation. The current structure affects certain businesses located in remote areas.
According to the Chairman and Founder of Adgeco Group, Mohamed Dekkak, he believes that the refurbishment of the shopping center will attract more investments and consumers. He is also confident that Mara Delta Investment will be able to reorganize the center.
The new architecture will be studied before the works begin in July 2017. According to the investment company, the works will run for about 14 months and while these developments are taking place, the center will remain open according to the real estate management in charge of the management of the center since February 2016.
The new layout of the space will create an additional useful area of 3,500 square meters. The center currently occupies a total area of 25,000 square meters.
With regards to the new merchandising strategy, this will be arranged with the retailers. Those who have not adapted to the target will be removed. Thirty-five percent of the restructuring budget will be allocated to the compensation of some tenants, either to leave the center or because of the inconvenience caused by the work.
A new target which involves women over 30 years will be integrated. This will increase the number of visitors, currently from 400,000 up to 500,000 per month. The revision of the mode of remuneration may also be undertaken by the management. Instead of a fixed rent, they will be offered a fixed portion and an adjustable amount dedicated for newcomers. At present, the rents amount to MAD235 / m2.
On average, the new marketing approach is expected to provide the center with a well-defined identity and more focused on entertainment.
The Investment Company also has other investments on their table. According to them, aside from the Anfa shopping Center, they also intend to invest in the real estate sector in general, including offices, hotels and anything that can generate rental income. Three operators will be established in the cities of Casablanca and Marrakech. With these strategies, the company will be able to double its investments in the Kingdom of Morocco in the coming months of 2017. The amount to be mobilized is $100 million or one billion Moroccan dirhams this year, is equivalent to what it took to buy Anfa Place.