London, Dubai, 1 June 2021: The Rasmala Group today announced the acquisition of a TESCO Superstore (“Asset”) located in Hattersley, Manchester for GBP 28.6m (US$40m).
Developed in 2012, the Asset comprises a modern 100,365 sq ft net sales area supermarket with a dedicated customer car park and a petrol station.
The Asset is being acquired by the Rasmala Long Income Fund with an unexpired lease term of 15.8 years and will be financed via a GBP 17.1m Sharia-compliant debt facility provided by Abu Dhabi Islamic Bank.
Eric Swats, Senior Executive Officer of Rasmala Investment Bank Limited, the Investment Manager of the Fund, said: “This asset provides an attractive income stream, further geographical and sector diversification to our investors.”
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.”
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.”
The Rasmala Group has invested over GBP 530m ($750m) in UK real estate, private equity, financial services and tech, in partnership with Gulf investors with plans to invest a further GBP1 billion.
The firm recently completed the sale of a UK based Amazon logistics facility to Knight Frank Investment Management.
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About The Rasmala Group
Established in 1999, The Rasmala Group is a leading alternative investment firm which invests directly and alongside Gulf-based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. Rasmala Investment Bank Limited is a wholly-owned subsidiary based in the Dubai International Financial Centre (“DIFC”) and regulated by the Dubai Financial Services Authority (“DFSA”). The significant subsidiaries of the Group are referred to interchangeably as ‘Rasmala’ and ‘The Rasmala Group’. For further details, please visit www.rasmala.com.