Principal Asset Management has acquired a fourth asset for Log In, a SCPI dedicated to European industrial real estate, marking its entry into the Italian market.
Financial details were not disclosed.
The 10,000 m2 asset is located in Como, on the Rhine-Alps logistics corridor. It is let to pan-European automotive parts manufacturer, Dana Group, which has six years to run on the lease which was renewed in 2022. The property was developed in 2003 and renovated in 2019.
Italy is the third market where Log In is active after the fund earlier acquired assets in Spain and Germany.
The pan-European SCPI launched last October and reached a €50 mln capitalisation at the end of December 2022. Theoreim is the management company of Log In.
‘With this 4th acquisition, the SCPI Log In will have already invested in three different countries. We will pursue our policy of geographic diversification and we wish to take full advantage of the attractive market conditions available at the current time,’ said Guillaume Masset, president of Principal Real Estate, and Romain Welsch, president of Theoreim.
