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Oldham Tesco Extra sold for over £50 million

Rosette Merchant Bank has acquired the 149,000 sq ft Tesco Extra supermarket in Oldham for in excess of £50 million.

An accompanying retail parade was included in the deal between the London-based financial services firm and Bowmer & Kirkland.

More than 90% of the income was secured against Tesco, which has in excess of 16 years left to run on its lease.

Rosette’s latest transaction follows on from 2016’s £37m House of Fraser deal and 2017’s Marks Spencer portfolio and Debenhams store purchases at £50m and £15m respectively.

Sam Broadhead, Rosette Merchant CEO, says: “The Tesco deal marks a great start to 2018 and continues our strong momentum in the commercial real estate sector.

“While we remain a relatively new entrant to the market having established the real estate division only two years ago, 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.”

Rosette was advised by Montagu Evans.

Bowmer & Kirkland was advised by de Morgan & Co and Knight Frank.