27th February 2018
Rosette has hired Zahir Nayani as General Counsel from Foot Anstey LLP, where he was a senior associate and a founding member of its award-winning Islamic finance team.
Sam Broadhead, Chief Executive Officer of Rosette, said: “We are absolutely delighted to welcome Zahir as our in-house GC. We’ve enjoyed working closely with Zahir on a number of shari’ah-compliant structured real estate investment acquisitions to date. His commercial approach and efficient transaction management skills complement our team perfectly.”
The news comes on the back of Rosette reporting strong results in 2017, and closing its first deal of 2018: the £50,000,000 acquisition of the 149,000 sq. ft. Tesco Extra supermarket in Oldham, Greater Manchester on behalf of a Qatari institutional investor.
22nd February 2018
Rosette Merchant Bank has marked its first deal of 2018 with the acquisition of the 149,000 sq. ft Tesco Extra supermarket and an accompanying retail parade in Oldham, Greater Manchester from Bowmer & Kirkland.
The purchase price was in excess of £50m with over 90% of the income secured against Tesco Stores Ltd with in excess of 16 years unexpired. The property comprises a modern two storey supermarket and convenience District Centre constructed in 2008 for Tesco together with 900 car parking spaces. The lease to Tesco runs until February 2034 with no breaks and benefits from 5 yearly rent reviews to the higher of 2.5% per annum compounded or uncapped RPI.
The property is the dominant town centre food store and the investment also includes a mix of national and local retailers and multiple opportunities for asset management to further enhance the properties.