LOG IN, a European industrial real estate fund set up by Principal Asset Management and real estate fund manager Theoreim has added a 20,200sqm logistics asset in Germany to its portfolio.
Principal Asset Management said it has acquired the asset consisting of two industrial buildings in the North Rhine-Westphalia area of Germany for the fund.
The property, located on the Am Mittellandkanal industrial and logistics business park, is the headquarters of a vending machine manufacturer.
Principal Asset Management said it is looking to buy more industrial, logistics, data centre, and life science properties for the fund by targeting properties worth between €5m and €25m. This will add to their current portfolio of nine properties in the UK, Spain, Italy and Germany.
LOG IN, created in 2022, is also expanding its investment reach to include Portugal, Ireland, Poland and Hungary.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This acquisition, with a long-term lease and a captive tenant, offers both revenue stability for LOG IN and also the opportunity for value creation through development on surplus land at the site.
“It continues the successful deployment strategy in four countries for the fund since it was set up two years ago.”
Romain Welsch, president of Theoreim, said: “This property complex is the second LOG IN building we have acquired in Germany.
“The controlled and rigorous growth of the portfolio makes it possible to maintain a balanced weighting in the four countries in which the SCPI is invested, allowing it to build a long-term real estate portfolio”.
To read the latest IPE Real Assets magazine click here.
