Log In logistics vehicle buys trio of Spanish and German assets
Principal Asset Management has made its first three acquisitions on behalf of Log In, the SCPI – French REIT-type instrument – focused on industrial and logistics property in Europe.
Two of the assets are located in Spain and one in Germany. Log In, which opened for marketing last October, achieved a capitalisation of €50 million by the end of December 2022.
The first asset was acquired in a sale and leaseback and comprises three buildings in an established industrial area on the outskirts of Pamplona. The buildings are leased for 22 years to an international company which is a leader in braking technology.
The second asset is located in an industrial area close to the centre and port of Alicante and houses the headquarters and shipping operation of a company specialising in the supply of maintenance equipment.
The third asset is located in Germany’s Münster region. It is leased to a subsidiary of a Swedish air handling solutions group.
“These first acquisitions, made outside France, demonstrate our desire to build a European vehicle,” said Romain Welsch, president of Theoreim, which is Log In’s management company.
Guillaume Masset, president of Principal Real Estate said that, other investments are also underway, particularly in Italy and the United Kingdom.