Principal Asset Management has acquired a last-mile logistics facility in Granada for the European fund Log in, which specialises in logistics and industrial assets and is managed by Theoreim, marking the company’s largest investment to date.
The facility, which was completed in 2002, covers 10,301 sqm and is fully let to an e-commerce operator under an eight-and-a-half-year lease with two five-year extension options.
Located in Escúzar Metropolitan Park, in the province of Granada, the property enjoys a strategic position within the Mediterranean corridor. Its location enables it to process up to 45,000 parcels a day.
The complex, which was developed specifically for the tenant, features automated sorting systems, loading bays and charging facilities for electric vehicles. It aligns with Log In’s ESG strategy and holds a BREEAM Very Good certification, an EPC A energy rating and a photovoltaic installation for self-consumption.
The transaction is in line with the company’s ‘Best-in-Progress’ strategy, which focuses on acquiring high-quality assets in robust markets, with strong environmental credentials and stable long-term rental income.
Guillaume Masset, Head of Transactions and Asset Management for Europe at Principal Asset Management, considers assets such as Escúzar to be “increasingly difficult to find”, as they “generate significant added value” for investors. “This acquisition demonstrates our ability to access good opportunities and build resilient property portfolios in Europe,” he said.
“Behind every order delivered, every business supplied or every region connected lies essential infrastructure. That is what we are seeking to achieve with Log in: to invest in infrastructure that underpins Europe’s major economic transformations”, explained Romain Welsch, chairman of Theoreim.
“This acquisition forms part of a structural shift driven by the growing demand for logistics services resulting from new consumer habits and increasingly efficient supply chains. This is the largest investment made to date by the SCPI, and we are proud that it relates to a recently constructed asset, with BREEAM Very Good certification and leased to a leading global player in the logistics and e-commerce sectors”, he added.
Log in was established in 2022 in collaboration with Theoreim, a French asset management firm specialising in alternative investments, and is the first French SCPI dedicated to European logistics. Principal Asset Management, which has eight offices across Europe, acts as the fund’s investment and asset manager. Its aim is to increase Log in’s exposure to the industrial, logistics, data centre and life sciences sectors by acquiring assets with an investment value of between five and €25 million.
