CENOMI CENTERS FURTHERS COMMITMENT TO NON-CORE ASSET LAND SALE PROGRAM WITH SUCCESSFUL AUCTION OF SAR700 MILLION SITE

Riyadh – Gulf Tech :

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 sqm plot, located in the Al-Raed District of Riyadh, sold for SAR700 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 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. The sale comes quickly on the back of the inaugural deal within the program, a 17,733 sqm site, located in the Olaya district in Riyadh which sold for ~SAR230.5 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.”