Property Market
Sonae Sierra has signed its second service provision contract in Morocco. The service provision contract for the development of a project in Casablanca was signed with Moroccan company Marjane, the largest hypermarket and supermarket chain operating in the country, belonging to the ONA Group.
The new project is part of real estate development Ibn Tachfine, which includes offices and a hotel with 100 rooms, and is located by the central railway station (Casa Voyageurs), in Casablanca. Scheduled to be inaugurated in 2014, the Centre will have a total Gross Lettable Area (GLA) of 24.120 m² and 80 shops The activities to be developed by Sonae Sierra include commercial offer analysis, definition of layouts, architectural concept, as well as project management and engineering consulting throughout the entire development stage.
Morocco is considered an emerging market, with political and economic stability and which, in macroeconomic terms, had a Gross Domestic Product (GDP) growth rate of 4.1% in 2011.
