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Saudi developer Cenomi completes sale of Sahara Plaza

Cenomi Centers, a leading entity engaged in the ownership, operation, and development of contemporary lifestyle centers in Saudi Arabia, has successfully concluded the sale of Sahara Plaza, marking a significant achievement in Cenomi Centers’ non-core asset sale initiative.

This transaction marks the fourth plot to be divested under the ongoing sale program, projected to yield SAR2 billion ($532 million) upon its completion. To date, the program has generated a total of SAR1.14 billion. The previous sales include a 17,700 sq m plot in the Olaya district in Riyadh for SAR230.5 million, a 115,000 sqm plot in the Al Raed District of Riyadh for SAR644.5 million, and a 29,000 sqm plot in downtown Al Ahsa city for SAR62.5 million.

Sahara Plaza, inaugurated in 2002 as the first of Cenomi Centers’ 22 operating assets, spans 12,540 sq m in the King Fahd district of Riyadh. The sale of this space for SAR200 million signifies notable progress in Cenomi Centers’ strategic initiative to divest an identified portfolio of non-core assets.

Profits from the Sahara Plaza sale, based on the fair value of the property as of September 30, 2023, amount to SAR79 million and will be recognized in the reported results for Q1 2024.