https://arab.news/2r6w9
RIYADH: Saudi-listed Arabian Centres Co. has sold the Sahara Plaza mall in Riyadh for a total value of SR200 million ($53.3 million) under its non-core asset sale program.
Also known as Cenomi Centers, the company — which is one of the largest owners, operators, and developers of shopping malls in the Kingdom — said in a bourse filing that this is the fourth shopping center to be sold.
This comes as part of the company’s program to sell an identified portfolio of non-core assets worth around SR2 billion.
“Sahara Plaza, a single tenant department store, is no longer aligned with the strategic direction of the company which aims to cement Cenomi Centers’ leadership position as the premier developer and operator of flagship and lifestyle destinations in the Kingdom of Saudi Arabia,” the company said in the Tadawul statement.
Located in King Fahd District, the 12,540 sq. m. mall was sold to Alistithmar for Financial Securities and Brokerage Co.
The funds from this transaction will be utilized in bolstering liquidity and supporting the firm’s balance sheet.
The financial impact of the transaction is expected to appear in the company’s financial statements for the first quarter of 2024.