A pan-European industrial real estate fund set up by Principal Asset Management and real estate fund manager Theoreim has made its first acquisitions.

Principal Asset Management said it has acquired two assets in Spain and one in Germany for the SCPI LOG IN industrial and logistics real estate fund.

The assets include a set of 3 buildings, located on the outskirts of Pamplona leased for a period of 22 years; an asset located in an industrial area of Alicante with a 14-year residual lease; and an asset, located in the Münster region of Germany, leased to a subsidiary of a Swedish energy-efficient air handling solutions group.

Romain Welsch, president of Theoreim, said: “These first acquisitions, made outside France, demonstrate our desire to build a European vehicle”, adding that new acquisition opportunities are being studied in order to quickly diversify the SCPI’s assets in other countries.

Guillaume Masset, president of Principal Real Estate, said: “Our local presence in Spain and Germany made it possible to complete these first three acquisitions in a short time. While other investments are also underway, particularly in Italy and the UK, our presence in eight European countries allowing us to support LOG IN in its diversification.”

The fund was launched in October last year and raised €50m at the end of December 2022. 

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