Principal Asset Management has acquired an industrial asset in Tuscany, Italy, in a sale-and-leaseback transaction for Log In, the European logistics and industrial fund managed by Theoreim.
The asset, located at San Donato, close to the Florence-Pisa-Livorno logistics axis, comprises two buildings, totalling 9,200sqm, and is Log In’s fifth acquisition in Italy.
The property has been leased back for 15 years to the vendor and occupier, a manufacturer of insoles for luxury footwear, which has established its head office and main production centre at the site.
The two buildings underwent major renovations between 2021 and 2024, incorporating photovoltaic solar panels on the roof to improve energy efficiency.
Log In has an option to purchase a second building occupied by the same tenant, located near Padua and Venice. The 3,800sqm asset is being renovated, with completion scheduled for the first half of 2025.
Log In was created in 2022 in partnership with French alternative investment management company Theoreim and is the first Société Civile de Placement Immobilier (a type of French investment trust) dedicated to European logistics real estate.
Principal is seeking to increase Log In’s exposure to the industrial, logistics, data centre and life sciences sectors by acquiring assets in lot sizes ranging from €5m to €25m, adding to its existing portfolio of 12 assets in the UK, Spain, Italy and Germany.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This new investment once again illustrates the expertise of the Principal and Theoreim teams, enabling Log In to position itself as a strategic partner to leading industrial companies. This asset offers a balanced combination of stability and performance, perfectly meeting our investors’ expectations.”
Romain Welsch, president of Theoreim, added: “This sale-and-leaseback transaction is an excellent example of our work in supporting industrial players in their growth through property transactions. With Log In, investors are helping to reindustrialise Europe.”
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