15th May 2018
Rosette has hired Stuart Jarvis as Investment Director.
Stuart brings with him a strong track record in U.K. and European commercial real estate combined with a wealth of experience in the Islamic finance sector. A fluent Arabic speaker, Stuart has previously held senior positions at Investment houses in London, Kuwait and Malaysia.
Stuart’s appointment bolsters Rosette’s Real Estate team, which has now transacted over £200 million of assets since its inception in 2016 with a further £60 million currently under offer.
The news follows the recent promotions of Sam Broadhead to Chief Executive Officer and Adam Cavanagh to Chief Investment Officer. Both are now leading the growth and development of the business and are looking to expand Rosette into new areas that will create exciting opportunities in the Islamic finance sector.
Concurrently, Rosette is also expanding its geographic reach beyond its traditional GCC market. Amr Kenawy, Rosette’s Chief Business Development Officer, has led efforts in Malaysia and is continuing to take Rosette into the wider Asia Pacific markets with equal success.
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.
6th October 2017
Rosette Merchant Bank has quickly followed its August acquisition of the M&S portfolio by acquiring the Debenhams department store in Swansea, Wales.
The freehold property is located in the heart of Swansea city centre and is the only full range department store in the town. It is strategically located at the southern side of the Quadrant Shopping Centre and is the main anchor store within the centre.
The 158,000 sq. ft. property trades over two floors and is entirety leased to Debenhams until February 2078 offering an exceptionally long unexpired lease term of c. 60 years.
The property was acquired on behalf of a private client for £15,000,000 and the transaction marks Rosette’s second deal of the year having completed the M&S portfolio acquisition in August for over £50m.
Rosette’s Chief Business Development Officer Amr Kenawy commented, “The acquisition is in line with Rosette’s strategy of acquiring long income assets underpinned by solid real estate fundamentals for our GCC client base.”
The Sharia compliant real estate focused bank is set to make further acquisitions before the year end.
3rd August 2017
Rosette Merchant Bank led the acquisition of the five property portfolio for a consideration in excess of £50 million. All five of the properties within the portfolio are leased to Marks & Spencer Plc until March 2027 and benefit from annual fixed rental uplifts. The five locations are all regarded as well performing stores for M&S and are outside of the recently announced estate review programme.
Sam Broadhead, acting CEO of Rosette, said “We are pleased to have completed this significant transaction which was the first in the UK for our Qatari partners. It is testament to the tenacity and diligence of the Rosette investment team and all professional advisors involved that we were able to conclude this acquisition given the complexity of the structure involving multiple jurisdictions and both Islamic and conventional finance. This is exactly what Rosette does; our clients are our partners and we serve to give them a presence in the UK and European markets that they would not otherwise have”.
Rosette was advised by Montague Evans.
1st November 2016
Rosette Merchant Bank has successfully acquired a London hotel on behalf of a Middle Eastern investor for over £40m. The c.140 bedroom property is located in a core West London location, and has benefitted from full refurbishment and repositioning as an upmarket boutique hotel.
Rosette acted as the sole Real Estate advisor to its client, working diligently with all parties to ensure the deal was delivered on time.
18th August 2016
Rosette Merchant Bank, in its capacity as acquisition and structuring advisor, has completed the acquisition of the iconic House of Fraser building in Cardiff from M&G Real Estate, on behalf of Middle Eastern investors. The property was acquired on an off market basis for £37m representing a yield of 6.25% and benefits from a remaining unexpired lease term of 23 years. The building is one of Cardiff’s most recognisable buildings and provides over 275,000 sq. ft. of retail accommodation.
Rosette CEO, Oliver Wynne James, said:
“This deal demonstrates the ongoing appetite of GCC based investors to acquire prime real estate secured to globally recognised brands. The lease duration sees through the Brexit event and provides excellent income backed by deep value”.
Please see our publications page for the full story.
Note: Rosette Merchant Bank acted as acquisition and structuring advisor in connection with this transaction.
1st July 2016
RMB CEO Oliver Wynne-James has announced that the firm will be moving to a new office location at 17 Old Park Lane, London in June 2016 and commented,
“Our long-awaited move to Mayfair opens up an exciting new chapter for the business and brings us closer to our clients, to our professional partners, and above all locates us in the best real estate segment in the world. Our office will be a wonderful meeting place for the great and the good, and I look forward to welcoming all of our friends to Old Park Lane.”
10th March 2016
RMB advised a leading international investment company to complete its purchase of a c.£100m office property in West London. With the backdrop of some market uncertainty due to the United Kingdom’s EU referendum, RMB helped to inject fresh momentum into the transaction and ensured a successful conclusion before the investment window effectively became closed. RMB approached the task in an unconventional manner and drew on its research and negotiation skill-sets in order to deliver the improved outcome for its client.