Jade Merchant Bank successfully closes £54m acquisition of Oldham Tesco store

Organization
Jade Merchant Bank
Sectors
Property & Real estate
Keywords
teco islamic finance property supermarkets kuwait
Published
  • £54m acquisition of Tesco Extra store and ancillary retail parade in Oldham
  • Previously held by Jade Merchant Bank client
  • GCC investor appetite for UK real estate remains strong

Jade Merchant Bank has successfully closed a £54m acquisition of the Tesco Extra store and ancillary retail parade in Oldham for Kuwait Business Town Real Estate Company.

Previously held by a client of Jade Merchant Bank, the Tesco Extra store occupies a prominent position on the Huddersfield Road and has a 13 year unexpired term to Tesco Stores Limited.

Feras Al-Kandari Chairman of Jade Merchant Bank commented that, “The appetite amongst our GCC investors remains strong for quality UK real estate. We are particularly pleased to have brought a new equity investor from Kuwait to the UK market, demonstrating the trust that our clients have in the Jade Merchant Bank team.”

CEO Sam Broadhead and Amr Kenawy, Chief Business Development Officer jointly praised the transaction commenting that “We are glad to have made our client’s debut UK investment with the Tesco Extra and look forward to considering further inbound UK investment for our diverse client portfolio.”

Investment Director Stuart Jarvis noted that “The UK supermarket sector is one which has shown resilience over the past year, with stores quickly adapting to changing consumer demands. We expect to see further deal flow in this sector and look forward to reviewing on behalf of our clients, whose demand for well let UK real estate continues to grow.”

The investment was financed by Abu Dhabi Islamic Bank, who provided a Shariah compliant senior leverage facility to the investor.

Website: Jade Merchant Bank

Press release distributed by PressHalo on behalf of Jade Merchant Bank, on 15th July, 2021.