Rosette, a London-based Sharia compliant merchant bank specialising in real estate, has completed the acquisition of a portfolio of Marks & Spencer stores in the UK on behalf of a Qatari investor for over £50 mln (€55 mln).
The five properties are leased to M&S until March 2027 and benefit from annual fixed rental uplifts. According to Rosette, all five locations are regarded as well performing stores for M&S and are outside of the recently announced estate review programme.
'We are pleased to have completed this significant transaction which was the first in the UK for our Qatari partners,' said Sam Broadhead, acting CEO of Rosette.
'Investors from the GCC (Gulf Cooperation Council ed) have been very active since the EU referendum and were not deterred by the outcome of the recent general election,' commented Amr Kenawy, chief business development officer of Rosette.
'The relative weakness of the pound continues to add to the attractiveness of the UK commercial property market which is still considered to be one of the most liquid, well-regulated and transparent markets in the world.'
Rosette was advised by Montague Evans.
