Cenomi Centers gets $1.4bn to support growth plans

Cenomi Centers

Cenomi Centers, Saudi Arabia’s largest shopping mall operator, has secured sustainability-linked financings worth SAR5.3 billion ($1.4 billion) from a consortium of regional banks.

HSBC Saudi Arabia led the syndication, with participation from Saudi National Bank, Saudi Awwal Bank, Arab National Bank, Commercial Bank of Dubai, Mashreq Bank, and Qatar National Bank.

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The new facilities consist of a 12-year sustainability-linked Islamic facility in two tranches and a revolving four-year renewable Shariah-compliant facility at improved pricing and better terms.

Cenomi Centers will use the facility to support its growth plans by repaying existing loans to strengthen its capital.

The mall operator recently opened U Walk Jeddah, and Jawharat Riyadh and Jawharat Jeddah centres are expected to open in the first half of 2025.

The Jawharat developments will add more than 280,000 sq m of space. These two assets are expected to have a material incremental contribution to Cenomi Centers’ revenue.

Alison Rehill-Erguven, Cenomi Centers CEO, said the financing agreement will support the company’s long-term growth strategies.

Earlier this month, the company sold Sahara Plaza in Riyadh for SAR200 million – the fourth asset to be sold as part of the company’s programme to sell a portfolio of non-core assets worth SAR2 billion.