Aradei Capital Launches Ambitious Renovation Program for Almazar and Borj Fez Shopping Centers

Aradei Capital owns and operates a diverse portfolio of 35 real estate assets across the Kingdom, encompassing nearly 475,000 square meters of GLA. Among its most emblematic retail assets are the historic Almazar and Borj Fez shopping centers. Almazar, inaugurated in 2010, is Marrakech's first shopping center, strategically located in the tourist district of Agdal. With a 94% occupancy rate and nearly 34,000 square meters of GLA, it attracts around 3.5 million visitors annually, drawn by its Carrefour hypermarket and 70 retail brands. Recent years have seen a reimagining of the center's offerings, including a leisure hub that now accounts for nearly 20% of its GLA, featuring attractions like a Fun Park, bowling, climbing, escape rooms, laser tag, and a gym. The ongoing transformation of Almazar includes an ambitious renovation focused on modernizing common areas and enhancing leisure and dining options. The goal is to establish Almazar as a premier destination for family outings and entertainment in Marrakech. Major upcoming additions include a state-of-the-art cinema combining comfort and technical innovation, a unique outdoor suspended playground accessible to all ages, and by 2026, an artificial surf wave for year-round surfing experiences. This innovative and diverse leisure offering marks a significant evolution for the center, promising families a unique experience. In terms of dining, new iconic concepts are planned, complemented by shaded outdoor terraces for relaxation. The customer journey will also be rethought with the introduction of three distinct atmospheres, facilitating movement and enhancing the overall customer experience within the center. Borj Fez, which opened in 2013, is a key reference point in its catchment area, situated between the old and new medinas of the Kingdom's spiritual capital. With a 96% occupancy rate and over 4.5 million annual visitors, it offers more than 25,000 square meters of GLA, featuring over 75 brands, a Carrefour hypermarket, and a wide dining and leisure space. Borj Fez is undergoing a renovation plan that marks a new phase in its development, reinforcing its role as a central destination in the city. This includes a complete redesign of the interior, modernized exterior architecture, and the creation of an additional 2,500 square meters of space. These new areas will expand the commercial offerings and enhance the customer journey. The entrance will feature an iconic event space designed for regular activities, strengthening the site's identity. In the leisure sector, the Funpark will undergo a complete renovation and expand with the addition of a bowling alley. The center will also include a gym operated by an international brand and the introduction of new exclusive brands, further enhancing its commercial appeal. Nasser Benjelloun, General Director of Aradei Capital, stated in a press release, “This renovation program reflects our commitment to enhancing the prominence of these two iconic shopping centers within their catchment areas. Through these projects, Aradei Capital reaffirms its dedication to modernizing its assets while supporting the commercial dynamism and urban attractiveness of major Moroccan cities. Almazar and Borj Fez actively contribute to the economic fabric, providing nearly 1,700 jobs.”