Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has granted Rasmala Long Income Fund structured Islamic financing to support its acquisition of a £28.6 million (AED 148.7 million) supermarket in Hattersley in Greater Manchester.

The property is leased to Tesco Stores Limited, the UK’s largest supermarket chain, on a 25-year repairing and insuring lease, with 15.8 years remaining, at a rent value of £1.46 million (AED 7.59 million) per annum, according to a press release on Wednesday.

The supermarket is constructed over 100,365 square feet in 2012.

Established in 2018, Rasmala Long Income Fund is managed by Rasmala Investment Bank Limited (RIBL), regulated by the Dubai Financial Services Authority (DFSA).

The Fund has a diversified portfolio of real estate assets covering the UK, Europe, and North America with a current net asset value in excess of $250 million.

The Head of UK Real Estate at ADIB, Paul Maisfield, said: "There are clear synergies with our financing product and the objectives of the Long Income Fund to generate income and capital growth by investing in a Sharia-compliant manner into a diversified portfolio of real estate assets benefitting from secure income derived from long leases."

Meanwhile, the Senior Executive Officer of Rasmala, Eric Swats, commented: "Tesco superstore is an excellent addition to Rasmala’s European real estate portfolio, taking our real estate AUMs to over $1 billion."