Principal Asset Management SM 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 9,200m2, and marks LOG IN’s fifth acquisition in Italy. It has been leased back on a 15-year lease to the vendor and occupier, a leading 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 their energy efficiency.
LOG IN also has the option to purchase a second building occupied by the same tenant, located near Padua and Venice. This 3,800m2 asset is currently being renovated and is scheduled for completion in the first half of 2025, giving LOG IN the opportunity to expand its portfolio in an economically attractive region.
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.”
Colliers introduced the deal to Principal Asset Management, which was advised by Studio Inzaghi (legal), Savills (technical) and Forvis Mazars (tax) for the various aspects of the transaction.
Image source - Principal Asset Management.
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