Dubai-headquartered Rasmala Group has acquired a Tesco Superstore located in Hattersley, Manchester for £28.6 mln (€33 mln).
Developed in 2012, the Asset comprises a modern 100,365 ft2 (9,324 m2) 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 £17.1 mln Sharia-compliant debt facility provided by Abu Dhabi Islamic Bank.
Eric Swats, senior executive officer of Rasmala Investment Bank, the investment manager of the fund, said: 'This asset provides an attractive income stream, further geographical and sector diversification to our investors.'
The 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 £530 mln ($750 mln) in UK real estate, private equity, financial services and tech, in partnership with Gulf investors with plans to invest a further £1 bn.
The firm recently completed the sale of a UK based Amazon logistics facility to Knight Frank Investment Management.
