Rosette Merchant Bank buys Debenhams in Swansea

By Kasmira Jefford - Friday, October 06, 2017 11:44

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Rosette Merchant Bank has bought the Debenhams department store in Swansea Wales for £15m, marking its second major high street property deal in months.

The freehold 158,000 sq ft property is the main anchor store within Quadrant Shopping Centre and the only full range department store in the town.

The entire building is let to Debenhams until February 2078 offering long unexpired lease term of c. 60 years.

The property was acquired on behalf of a private client and comes after Rosette acquired a portfolio of five properties let to M&S in August for over £50m.

Rosette’s chief business development officer Amr Kenawy said: “The 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 sharia compliant real estate focussed bank is set to make further acquisitions before the year end.

Colliers International acted on behalf of the vendor and Rosette was unrepresented.

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