Cenomi Centers, the largest owner, developer and operator of retail and lifestyle destinations in Saudi Arabia, has completed the second transaction as part of its non-core asset land sale program.
The 115,094.89-square-meter plot, located in the Al-Raed district of Riyadh, sold for SR700 million ($187 million) and is the second to be sold as part of the company’s program to sell an identified portfolio of non-core assets worth around SR2 billion.
The land is located adjacent to the company’s new flagship project, Jawharat Riyadh, a new luxury retail and lifestyle destination that will encompass luxury brands, indoor and outdoor spaces, significant dining options as well as a vast range of entertainment, including arcades, cinemas and more.
It was auctioned by real estate broker Adeer Real Estate, through Riyad Real Estate Development Fund — Jawharat Al-Riyadh, managed by Riyad Capital. The sale comes quickly on the back of the inaugural deal within the program, a 17,733-square-meter site, located in the Olaya district of Riyadh, which sold for around SR230.5 million.
“This is a strong milestone for us to end 2022,” said Alison Rehill-Erguven, CEO, Cenomi Centers. “We had the non-core asset sale program approved by our board of directors in October and have now already secured two significant sales for large sites within that portfolio. I am confident that the success of the program will continue in 2023 and further strengthen the company’s financial position and support our ambitious growth plans.”
Founded in 2002 as Arabian Centers, Cenomi Centers provides customers with a complete range of high-quality lifestyle centers, located in attractive areas of the country to satisfy all shopping needs and market requirements.
Cenomi Centers currently owns, operates and manages 21 commercial centers and complexes, with more than 4,300 stores, located strategically throughout 10 cities in the Kingdom. With a total GLA of nearly 1.3 million square meters, the company’s malls provide Saudi shoppers with their preferred point of access to a range of international, regional and local retail brands.
