Log In, a European industrial real estate fund set up by Principal Asset Management and real estate fund manager Theoreim, has added a 9,700sqm asset to its portfolio.
Principal Asset Management said the asset, located within a Verona business park, was acquired through a sale and leaseback. The property is adjacent to another Log In asset leased to the same tenant.
The latest transaction represents Log In’s third Italian acquisition.
Log In, created in 2022, is also expanding its investment reach to include Portugal, Ireland, Poland and Hungary. Principal Asset Management, as the investment and asset manager for the fund, seeks deals ranging from €5m to €25m.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “We are delighted to have completed the acquisition of this new building in a shorter time frame than initially negotiated with the vendor-tenant, which put its trust in Log In and the teams at Theoreim and Principal to support it in its development on this strategic site.”
Romain Welsch, president of Theoreim, said: “This is Log In’s third property in Italy. The acquisition of this industrial asset illustrates our ability to support our tenants and secure investments in the early stages, enabling them to benefit from an attractive rental yield alongside a tenant committed to the long term.”
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