Oldham Tesco sold for £50m
Rosette Merchant Bank has acquired the 149,000 sq ft Tesco Extra supermarket and an accompanying retail parade in Oldham from Bowmer & Kirkland for a price in excess of £50m.
More than 90% of rental income at the site is secured against Tesco, which has more than 16 years left on its lease with no breaks and five-yearly rent reviews at the site, off Huddersfield Road close to the town centre.
Rosette is a Sharia-compliant London-based financial services firm, which launched a real estate division in 2016 and has since acquired a Marks & Spencer portfolio, a House of Fraser store and a Debenham’s. The Oldham store has been acquired on behalf of a Qatari investment house.
Sam Broadhead, chief executive, said: “The Tesco deal marks a great start to 2018 and continues our strong momentum in the commercial real estate sector. While we remain a relatively new entrant to the market, we are pleased with our achievements to date. We intend to build on this and, with a strong pipe line of deals across the market, we are confident in doing so”.
Adam Cavanagh, head of real estate, said “This deal, our fifth now, demonstrates our ability to source, secure and complete complex transactions while creating value for our investment partners. We have built a strong track record and a name in the market as leader in the field of Sharia compliant real estate investment.
“We have ambitious plans for the year ahead and beyond in which we intend to continue to build our portfolio in the UK and enter the European markets. By 2020 our goal is to have £1 billion assets under management.”
Rosette was advised by Montagu Evans, while Knight Frank and de Morgan & Co acted for Bowmer & Kirkland.
