News

Rasmala Group acquires Tesco supermarket in Manchester

Supermarket cartThe Rasmala Group has acquired a Tesco supermarket in Hattersley, Manchester in a deal worth US$40 million (£28.6 million). The purchase is part of a $1.4 billion UK investment programme focused on the logistics, residential property, healthcare and life sciences. The asset will be managed by the Rasmala Long Income Fund with an unexpired lease term of 15.8 years. Financing came via a $24.15 million debt facility provided by Abu Dhabi Islamic Bank. According to Ruggiero Lomonaco, fund manager at Rasmala Long Income Fund, the acquisition fits with the fund’s strategy of investing in long term income-producing assets and is likely to be followed by similar acquisitions. The Rasmala Group has invested over $750 million to date in UK real estate, private equity, financial services and technology in partnership with Gulf investors. The firm also recently finalised the sale of a UK-based Amazon logistics plant to UK-based property fund manager Knight Frank Investment Management. © 2021 funds global mena

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