The Clap
Cenomi Centers (4321), the largest owner, developer, and operator of shopping centers and complexes in Saudi Arabia, sold a 115.09 thousand square meters piece of land in the Al-Raed neighborhood in Riyadh for SAR 644.5mn.
What
Cenomi Centers reported that it had agreed on a final price of SAR 5,600 per square meter with Sumou Real Estate (9511), setting the total value of the deal at SAR 644.5mn.
So What
This land is the second piece of land it sells, as part of its program to sell a portfolio of non-core assets with an estimated total market value of about SAR 2bn.
Now What
Cenomi Centers stated that its income statement will be positively affected by the SAR 262.8mn in capital gains from the deal.
It expects this effect to appear during the fiscal period ending on December 31, or the following period ending March 31, 2023.
