Principal Asset Management has acquired a life sciences asset at Alnwick in the north of England in a sale-and-leaseback transaction for LOG IN, the European logistics and industrial fund managed by Theoreim.
The asset provides 16,000 square meters (172,000 square feet) of office and laboratory space across four recently refurbished buildings and marks LOG IN’s fourth acquisition in the United Kingdom. Acquired in a sale-and-leaseback transaction from a company that specializes in supporting pharmaceutical and biotechnology companies through all stages of drug development, the property has been let back to the vendor on a 20-year lease.
Located by the A1 motorway, the asset benefits from excellent access to major U.K. cities including Edinburgh and Newcastle, which are home to health centers of key importance to the tenant.
LOG IN was created in 2022 in partnership with the French alternative investment management company Theoreim and is the first French SCPI
