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Commercial Property

Dubai investment firm buys Greater Manchester Tesco store for almost 拢30m

The site also includes a car park and a petrol station

The Tesco store in Hattersley

A Dubai investment firm has acquired a Tesco store in Greater Manchester for almost £30m.

The Rasmala Group has snapped up the site in Hattersley for £28.6m.

Developed in 2012, the building comprises a 100,365 sq ft net sales area while there is also a customer car park and a petrol station.

The site is being acquired by the Rasmala Long Income Fund with an unexpired lease term of 15.8 years and will be financed via a £17.1m 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."

Ruggiero Lomonaco, fund manager at Rasmala Long Income Fund, added: "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 said: "This investment forms part of a broader 海角视频 focused investment programme in which we are looking to make further investments in logistics, living strategies, healthcare and life sciences."