Under the terms of a 10-year partnership, with the option to extend for an additional 10 years, Cenomi Centers will exclusively license the Westfield brand from URW within the KSA shopping center market and deploy the brand vision and consistency of Westfield’s industry-leading experience for customers and partners to its top assets. URW will provide support in key areas including Leasing, Operations, Marketing and Retail Media.
Cenomi Centers, listed on the Saudi Exchange as Arabian Centres Company SJSC, is the KSA’s top owner, operator and developer of flagship shopping centers, with a portfolio of 21 assets located in 10 major Saudi cities, a total GLA of nearly 1.3 Mn sqm and a development pipeline of 559,000 sqm to be delivered in the coming three years.
The partnership will focus initially on flagship destinations in the three largest cities in KSA: Jawharat Jeddah, Jawharat Riyadh, and Nakheel Dammam, the top shopping center in Saudi Arabia’s third largest city. The partnership will eventually include up to eight Cenomi Centers assets.
“Cenomi Centers is an incredible partner that shares our vision for the future of retail,” says Jean-Marie Tritant, CEO, Unibail-Rodamco-Westfield. “Its portfolio of flagship destinations matches the ambition of the Westfield brand, providing the perfect platform to deliver Westfield’s unmatched experience to customers and visitors in the Kingdom while also supporting our brand’s international expansion. We are tremendously proud of the partnership, and the opportunity to work with Cenomi Centers to contribute to the broader economic and development goals of the Kingdom.”
“We are thrilled to embark on this groundbreaking and exclusive partnership with URW, a global leader in the retail real estate industry,” adds Alison Rehill-Erguven, CEO, Cenomi Centers. “This collaboration not only solidifies our position as the leading owner, operator and developer of contemporary lifestyle centers in Saudi Arabia but also aligns with the Kingdom’s broader goals for economic growth and development in both the sector and region. Together, we will cement our position as a leader in KSA by introducing exciting new growth and tenancy opportunities for many years to come.”
Under the agreement, Cenomi will continue to fully own and operate all of its assets, including those that will be undergoing rebranding. URW will receive fixed and variable licensing and service fees. The partnership also includes opportunities for the companies to further explore additional business and licensing opportunities within KSA.
