The yield was tightened from initial guidance of around 5.875% after orders topped $1.35 billion, the document from one of the banks on the deal showed.
Sources told Reuters earlier this month that Arabian Centres, which operates 21 shopping centres across Saudi Arabia, was planning to raise $500 million via sukuk.
"Strong investor demand for this Sukuk meant we achieved a good price for the taxpayer and will help us develop our relationships with Islamic economies around the world."
Citi, NBK Capital, Standard Chartered , Abu Dhabi Islamic Bank, Boubyan Capital, Emirates NBD Capital, Kamco Invest, Kuwait International Bank and KFH Capital are arranging the deal, which is expected to close later on Wednesday.
Under the Agreement, the payment of overdue receivables is an integral part of the Agreement and the payment mechanism envisaged is two instalments, with 40% of the overdue receivables payable within 30 business days of signing the Agreement.