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 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 £530m in UK real estate, private equity, financial services and tech, in partnership with Gulf investors with plans to invest a further £1bn.
The firm recently completed the sale of a UK-based Amazon logistics facility to Knight Frank Investment Management.
