Cenomi Centers closes SAR 2.7B Murabaha for Westfield Riyadh mall

Arabian Centres Co. (Cenomi Centers) secured SAR 2.7 billion in project financing for its Westfield Riyadh development, the company said Wednesday. The Murabaha facility was structured with a 24-month availability period and a 15-year tenor.

Westfield Riyadh, a joint venture with Unibail-Rodamco-Westfield, SEDCO Holding, and Al Faisaliah Group, encompasses a shopping mall, 75,000 square meters of office space, and a 330-key hotel. Cenomi Centers owns a 50.1% stake in the project.

The closing covers the full project cost, including future-fit-out obligations. The company did not disclose the margin on the facility or the identity of the lenders.