Mubasher: The UK-based Roebuck Asset Management, a subsidiary of GFH Financial Group, has sold a Tesco Distribution Centre in exchange for $135 million.

Spanning over 540,000 square feet, the asset was established by Tesco in 2010 and has had access to 400 supermarkets and convivence stores across the South West of England and South Wales, according to a press release on Wednesday.

In October 2017, the temperature-controlled centre was acquired by Roebuck for $94 million on behalf of a consortium of institutional Korean investors. 

With GFH’s support, Roebuck targets new acquisitions of around $500 million over 2022.

The Managing Partner at Roebuck, Hugh Brown, said: "The sale of Tesco Avonmouth has delivered our Korean investors significant out performance following a four and-half-year hold period producing total annual return in excess of 16%."

Meanwhile, the Board Member at Roebuck Asset Management and Co-Chief Investment Officer at GFH, Nael Mustafa, commented: "The strategy is in line with our recent combined sale of the Amazon portfolio in Spain which generated similar returns over a shorter hold period."