A London-based Islamic bank that represents investors from the Gulf countries has acquired a Debenhams department store in Wales for an unnamed client.
Rosette Merchant Bank recently bought a portfolio of Marks & Spencer shops in the UK for a group of investors from Qatar.
Amr Kenawy, chief business development officer, said the new 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 department store, which is in Swansea, cost £15 million ($20 million). It is leased to Debenhams, the UK-based retailer, until 2078.
Real estate is a popular asset class among investors from the Gulf countries.
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