Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) sold an empty land in Riyadh to Sumou Holding Company at a total value of SAR 700 million on 22 December 2022, according to a bourse filing.

Located in Al Raed district, the land plot spans 115,094 square metres. The transaction aligns with Cenomi Centers’ programme to sell an identified portfolio of non-core assets worth nearly SAR 2 billion.

Excluding the real estate transaction tax and the brokerage fees, the value of the land plot amounts to SAR 644.50 million, equivalent to SAR 5,600 per square metre.  

Meanwhile, the asset’s book value reached SAR 381.70 million as of 30 September 2022.

The agreement will foster Cenomi Centers’ financial position and back its future growth plans. Cenomi Centers generated SAR 262.80 million worth of profits from the transaction, which is forecast to reflect positively on its income statement during the period ending on 31 December this year or the period ending on 31 March 2023.

Within the framework of Cenomi Centers’ strategy, the deal follows the selling of a 17,733 square-metre site in Olaya district in exchange for SAR 230.50 million.

Earlier this month, Arabian Centres changed its trading name on the Saudi Exchange (Tadawul) from ALMRAKEZ to Cenomi Centers after announcing a new full rebrand to Cenomi.