Cenomi Centers, the largest owner, developer and operator of retail and lifestyle destinations in Saudi Arabia, has completed the sale of the second transaction as part of its non-core asset land sale program. The 115,094.89 sqm plot, located in the Al-Raed District of Riyadh, was auctioned in December 2022 and sold for SAR644.5 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 SAR2 billion.
The transaction is now completed, with land deeds exchanged and the sale proceeds of SAR 644.5 million received by the company. The transaction will be recognized in the company’s financial statements in the first quarter of 2023 results.
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. Auctioned by the real estate broker, Adeer Real Estate, through Riyad Real Estate Development Fund – Jawharat Al Riyadh managed by Riyad Capital.
Alison Rehill-Erguven, CEO, Cenomi Centers, said “Closing this transaction marks another milestone in our non-core asset sale program, and further strengthens our balance sheet and liquidity position. A stronger more liquid balance sheet offers the company optionality in terms of supporting our growth agenda and delivering value to shareholders.”