Tesco fresh fish counter salmon

A Tesco site in Greater Manchester has changed hands for more than £50m.

The 149,000 sq ft Extra store in Oldham has been bought by Rosette Merchant Bank, from previous owner Bowmer & Kirkland, including both the two-storey supermarket and an accompanying retail parade.

The bank said more than 90% of the deal had been secured against Tesco income, with the lease to Tesco running until 2034.

The deal includes a convenience shopping centre constructed for Tesco as part of a development dating back to 2008, including a mix of national and local retailers.

Rosette is a Sharia-compliant London-based financial services firm, which launched a real estate division in 2016 and has since acquired Marks & Spencer, House of Fraser and Debenhams stores.

The Oldham store has been acquired on behalf of a Qatari investment house.

“The Tesco deal marks a great start to 2018 and continues our strong momentum in the commercial real estate sector,” said Rosette chief executive Sam Broadhead. “While we remain a relatively new entrant to the market, we are pleased with our achievements to date. We intend to build on this and, with a strong pipeline of deals across the market, we are confident in doing so”.