To complete the acquisition of "Tesco Supermarket" in the United Kingdom
Abu Dhabi Islamic provides financing for the Rasmala Fund, amounting to 148.7 million dirhams
The bank confirmed that its financing products are consistent with the objectives of the Rasmala Fund.
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Abu Dhabi Islamic Bank announced the support of the "Rasmala Long-Term Income" fund, with structured Islamic financing, valued at 28.6 million pounds (148.7 million dirhams), to complete the acquisition of a supermarket in Hattersley in the Greater Manchester area of the United Kingdom.
The bank said in a statement that this store, which was built in 2012 on an area of 100,000 and 365 square feet, was leased to the company «Tesco Stores Ltd.» (the largest supermarket chain in the United Kingdom) under a full lease agreement that includes maintenance and insurance for a period of 25 years. Years old.
He added that only 15 years remain of the lease period (without committing to the options to terminate the lease contract), noting that the value of the lease contract is 1.46 million pounds (7.59 million dirhams) annually, which is subject to a five-year evaluation index linked to increases achieved in value reviews. Rentals.
Paul Maesfield, Head of the Real Estate Finance Unit at Abu Dhabi Islamic Bank, United Kingdom, said: “We are pleased to support and finance Rasmala in completing its latest deals, as our financing products are in line with the objectives of the (Capitalization of Long-Term Income) fund of increasing the company's income and capital through investment compatible Principles of Islamic Sharia, within a diversified portfolio of real estate assets that achieve safe and sustainable income under long-term lease contracts.
For his part, Chief Executive Officer of Rasmala, Eric Soats, said that “(Tesco) is a qualitative addition to Rasmala’s European real estate assets portfolio,” noting that this deal boosted the value of the managed real estate company's assets that exceeded the ceiling. One billion dollars.
• The store was built in 2012 on an area of 100.3 thousand square feet.
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