Principal Asset Management has completed its third acquisition in the United States for its SCPI Principal Inside, continuing the deployment of the fund’s transatlantic real estate investment strategy.
Building on earlier acquisitions in Florida and Texas at the end of last year, Principal Inside has acquired a healthcare asset in Plano, Texas, within the rapidly growing Dallas-Fort Worth metro area. The transaction was completed for a net seller price of $15.6 million, offering an initial gross yield of 7.9 percent.
The asset offers a total surface area of approximately 3,605 square meters (38,804 square feet). Originally constructed in 1996 as a senior living residence, the building is undergoing a renovation to support its use as a specialized addiction treatment center.
The property is fully leased to Guardian Recovery, a national operator of addiction treatment facilities, with a network of 17 centers across six U.S. states. The tenant is operating on sit
