Our friends at Cenomi Centers have wrapped up the strategic sale of Sahara Plaza toAlistithmarCapital in a SAR 200 mn transaction as the company continues to shed non-core assets, using the proceeds to fuel its growth across the country.

The sale of the property in Riyadh’s King Fahd district will have no real impact on Cenomi’s revenues — the company estimates it will shave just SAR 5 mn per year off its top line, the company said in a disclosure to Tadawul (pdf) yesterday.

In context: This is the fourth transaction under the retail giant’s SAR 2 bn non-core asset sale program, which has so far earned the company a total of SAR 1.14 bn. It has divested assets in Olaya and Al Raed districts as well as downtown Al Ahsa. The retail heavyweight has been on a drive to streamline its portfolio by divesting assets that are “no longer aligned with the strategic direction of the company.”

About Sahara Plaza: The single-tenant department store is located in Riyadh’s King Fahd District. It opened its doors in 2002 as the first of Cenomi Centers 22 operating assets.

Cenomi will book about SAR 79 mn in gains related to the sale of the asset in its 1Q 2024 financials, it said in a regulatory filing

Looking ahead: “With a further SAR 800 mn in sales proceeds [from the divestment program] expected, we remain committed to unlocking value in our portfolio,” Cenomi Centers CEO Alison Rehill-Erguven said. Cenomi is doubling down on a growth strategy that will see it build out “next-generation retail and lifestyle assets” across the Kingdom.

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