Rosette Merchant Bank has bought a portfolio of UK Marks & Spencer stores on behalf of a Qatari financial institution.
The sharia-compliant merchant bank bought the five-property portfolio for £50m.
The five assets are let to M&S until March 2027 with fixed rental uplifts. They are all outside of the recently announced estate review programme.
Amr Kenawy, chief business development officer at Rosette, said: “Investors from the GCC have been very active since the EU referendum and were not deterred by the outcome of the recent general election.”
The transaction was the first in the UK for the Qatari company.
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