Dubai-based Rasmala Group has announced the acquisition of a Tesco supermarket located in Hattersley, Manchester for £28.6 million ($40 million).
Developed in 2012, the supermarket comprises a supermarket with a dedicated customer car park and a petrol station.
It is being acquired by the Rasmala Long Income Fund with an unexpired lease term of 15.8 years and will be financed via a £17.1 million Sharia-compliant debt facility provided by Abu Dhabi Islamic Bank, a statement said.
Eric Swats, senior executive officer of Rasmala Investment Bank Limited, the manager of the fund, said: “This asset provides an attractive income stream, further geographical and sector diversification to our investors.”
Swats added: “This investment forms part of a broader UK-focused investment programme in which we are looking to make further investments in logistics, living strategies, healthcare and life sciences.”
This site forms a key part of the Tesco online grocery fulfilment capacity in the region, providing both home delivery and click and collect to its local catchment area.
Ruggiero Lomonaco, fund manager at Rasmala Long Income Fund, said: “This omnichannel Tesco supermarket fits with our strategy of investing in long term income-producing assets. We continue to build our real estate portfolio with a strong investment pipeline for the rest of the year.”
The Rasmala Group has invested over £530 million in UK real estate, private equity, financial services and tech, in partnership with Gulf investors with plans to invest a further £1 billion.
The firm recently completed the sale of a UK-based Amazon logistics facility to Knight Frank Investment Management.
Rasmala Investment Bank Limited is a wholly-owned subsidiary of the group based in the Dubai International Financial Centre.
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