Principal acquires 9,700sqm industrial asset in Italy for European logistics fund LOG IN

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, located on a business park at a strategic crossroads to Italy and the rest of Europe, provides 9,700 square meters (104,400 square feet) of new industrial space and marks LOG IN’s third acquisition in Italy. It adjoins a 15,000-square-meter (161,000-square-foot) 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.

“We are delighted to have completed the acquisition of this new building in a shorter timeframe than initially negotiated with the vendor-tenant, which put its trust in LOG IN and