Principal Asset Management has acquired a life-sciences asset at Alnwick in the north of England for its European industrial real estate fund Log In.
The real estate fund manager has invested an unspecified sum to buy the 16,000sqm asset in a sale-and-leaseback transaction for the fund which was set up in 2022 with real estate fund manager Theoreim.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This new asset with a very long lease will diversify the existing portfolio of the fund while strengthening its average lease term.
“This acquisition illustrates the strong rationale of partnering with players in strategic European sectors. The life-sciences sector is driven, particularly in the UK, by the government’s strong economic support for research and development and is a promising sector for investment.”
Romain Welsch, president of Theoreim, said: “Log In has taken a new strategic step with the acquisition of its first-life sciences property complex. This acquisition strengthens the sector diversification of the [fund], which is already well established in the industrial and logistics sectors.
“By continuing its European expansion with this eleventh acquisition, Log In is expanding its property portfolio, offering greater expertise and opportunities across fast-growing sectors of the future.”
The transaction represents Log In’s fourth acquisition in the UK. Log In 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.
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