Saudi Arabia's Cenomi Centers has announced that the developer of its prime project Westfield Riyadh had secured an upsized shariah-compliant Murabaha financing facility from Riyad Bank, thus increasing committed funding to SAR2.7 billion ($707 million) from SAR1 billion ($262 million).
These funds will be used to cover the lifestyle development's remaining construction costs, including a VIP lounge, a luxury retail wing and tenant fit-out support, said Cenomi Centres in its filing to Saudi stock exchange Tadawul.
The financing includes an accordion option of up to an additional SAR200 million, taking the potential facility size to SAR2.9 billion, it stated.
Cenomi Centres is a leading developer and operator of contemporary lifestyle destinations in Saudi Arabia. For over two decades, it has provided its customers with a diverse portfolio of quality shopping malls designed in accordance with the highest modern standards, located in some of the most attractive destinations across the kingdom.
The 9.5-year facility comprises a two-year grace period followed by 7.5 years of repayments, it stated.
It is also backed by personal guarantees from Chairman Fawaz Al Hokair, Vice Chairman Salman Al Hokair and substantial shareholder Dr. Abdulmajeed Al Hokair, as well as corporate guarantees from Lynx Contracting Company and FAS Real Estate Company, both wholly owned by the three shareholders.
A flagship lifestyle mall in Riyadh, Westfield Riyadh will boast the region’s largest 38,000-sq-m skylight with 27-m floor-to-ceiling heights and 30m-wide corridors. Its 30,000 sqm luxury precinct will host over 90 brands, alongside more than 300 stores and 70+ flagships, and 30 Saudi debuts.
Four signature dining districts, a kid’s theme park, Saudi’s first sportainment hub, and the first digital museum create a complete lifestyle ecosystem, complemented by the first in-mall media broadcasting studio, premium grocery, high-end gym, beauty clinic, and co-working spaces.
As Riyadh’s first Leadership in Energy and Environmental Design (LEED) Gold-certified mall, Westfield Riyadh pioneers’ sustainability and five-star service excellence, setting a new benchmark for retail and experiential destinations in the kingdom, it added.
