Pan-European firm LOG IN, which is backed by French RE company Theoreim together with US group, Principal Asset Management, has bought a logistics real estate complex in Scotland for an undisclosed sum.
Principal Asset Management is the global investment business of US giant, Principal Financial Group, the Nasdaq-listed company with $506.9 bn (€464 mln) AUM.
The development encompasses two buildings totaling approximately 7,550 m² and is leased to two prominent tenants in DHL and Crown Worldwide. Located in an industrial area of Livingston, near Edinburgh in Scotland, the properties are close to a motorway, the airport and the Edinburgh metropolitan area.
Guillaume Masset, senior managing director real estate, Principal Asset Management, said: ‘This is our first courier building, ideally located in Scotland's main logistics corridor linking Edinburgh to Glasgow in a market constrained in terms of available supply.’
Romain Welsch, chairman of Theoreim, said: ‘This real estate complex with an EPC A finalises the 2023 acquisitions of Log In and completes a portfolio of a total of nine buildings acquired for more than €90 mln after only 15 months of activity. The current inflows will allow us to strengthen the geographical exposure of the portfolio currently deployed in 4 countries from 2024.’
Theoreim designs and manages real estate investment funds distributed to individual and institutional investors.
