Principal Asset Management has acquired a logistics facility in Scotland for Log In, the European logistics and industrial fund managed by Theoreim.
The 7,200sqm asset, located at Westfield Industrial Estate in Cumbernauld, is let to the subsidiary of a US-based global freight forwarder on a 10-year lease.
Principal said the acquisition represents Log In’s fifth investment in the UK. The fund’s existing portfolio comprises 16 assets across the UK, Spain, Italy, Ireland, Germany and Poland.
Log In was created in 2022 in partnership with French alternative investment management company Theoreim.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This new Scottish investment illustrates our investment strategy focused on strong tenants operating in key logistics sectors.
“With a long-term lease and a recently renovated asset, this investment provides solid long-term performance prospects and is fully in line with our pan-European strategy.”
Romain Welsch, president of Theoreim, said: “This new acquisition in Scotland strengthens the SCPI’s exposure to logistics assets alongside industrial and life sciences assets. This acquisition of a fully renovated asset allows Log In to maintain its weighted average lease break above nine years, ensuring visibility for our investors.”
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