Principal Asset Management‘s European logistics and industrial fund has added a fully-let 10,301sqm asset in Spain to its portfolio.
The Log In fund, managed by Theoreim, has invested an unspecified sum to acquire the last-mile logistics warehouse in Granada.
The acquired asset, which represents Log In’s largest investment to date, is located within the Parque Metropolitano de Escúzar, an expanding industrial and technology hub.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “Assets that combine a strategic location, modern specification and a strong covenant are increasingly difficult to secure and highly value-accretive for investors.
“This acquisition demonstrates our ability to access high-quality investment opportunities and to build resilient real estate portfolios across Europe.”
Romain Welsch, president of Theoreim, said: “Behind every order delivered, every business supplied or every region connected, there is essential infrastructure. This is precisely what we are seeking to achieve with Log In – investing in the infrastructure that supports Europe’s major economic transformations.
“This acquisition is part of a fundamental shift: the acceleration of logistics needs linked to changing consumption patterns and the need for ever more efficient supply chains. This landmark acquisition is the SCPI’s largest investment to date.”
Principal created the Log In fund in 2022 in partnership with French alternative investment manager Theoreim. Principal serves as the fund’s investment and asset manager, with a plan to increase the fund’s exposure to the industrial, logistics, data-centre and life-sciences sectors by targeting assets in the €5m to €25m lot-size range.
The European fund’s existing portfolio comprises over 16 assets in Poland, the UK, Italy, Spain and Germany.
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