Principal Asset Management has acquired an industrial asset on the edge of Verona in Italy in a sale-and-leaseback transaction for LOG IN, the European logistics and industrial fund managed by Theoreim.
The asset provides 9,700m2 of new industrial space and marks LOG IN’s third acquisition in Italy. It adjoins a 15,000m2 industrial property, let to the same tenant, which LOG IN acquired in a similar sale-and-leaseback transaction in November last year.
The two buildings have been leased back for 12 years on a triple net basis to the vendor and occupier, which is the head office of a subsidiary of an international industrial group.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “We are delighted to have completed the acquisition of this new building in a shorter time frame than initially negotiated with the vendor-tenant, which put its trust in LOG IN and the teams at Theoreim and Principal to support it in its development on this strategic site.”
Romain Welsch, president of Theoreim, added: “This is LOG IN's third property in Italy. The acquisition of this industrial asset illustrates our ability to support our tenants and secure investments in the early stages, enabling them to benefit from an attractive rental yield alongside a tenant committed to the long term.”
Principal Asset Management was advised by ADVANT Nctm and JLL during the transaction.
Written by Leon Goldwater for Europe Real Estate.
Image provided by TAVISTOCK.
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