Principal Asset Management has acquired a 20,200m2 logistics building in the North Rhine-Westphalia area of Germany for the European logistics fund, Log In, which is managed by Theoreim. Financial details were not disclosed.
Consisting of two industrial buildings, the headquarters property is let to a leading manufacturer of vending machines, checkout zones and industrial systems. Located on the Am Mittellandkanal industrial and logistics business park, the property benefits from good transport links to Hannover and Bremen respectively.
Log In was created in 2022 in partnership with the French alternative investment management company, Theoreim, and is the first French SCPI (Société Civile de Placement Immobilier) dedicated to European logistics.
Principal Asset Management is an investment and asset manager with eight offices in Europe and is seeking to increase Log In’s exposure to the industrial, logistics, datacentre and life science sectors by acquiring assets in lot sizes ranging from €5 to €25 mln, adding to the existing portfolio of nine assets in the UK, Spain, Italy and Germany.
Log In’s geographical remit is being expanded to include Portugal, Ireland, Poland and Hungary because of their potential to benefit from the impact of reindustrialisation and onshoring.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: 'This acquisition, with a long-term lease and a captive tenant, offers both revenue stability for Log In and also the opportunity for value creation through development on surplus land at the site. It continues the successful deployment strategy in four countries for the fund since it was set up two years ago.'
Principal Asset Management was advised by Gleeds Deutschland, GÖRG, and CBRE during the transaction.
