Principal’s Log In acquires Scottish logistics asset

Principal Asset Management, through its European logistics fund Log In, has purchased a 7,200 m2 logistics facility in Cumbernauld, Scotland. 

Logistics

This is Log In's fifth acquisition in the UK and seventeenth overall.
The property, located in the Westfield Industrial Estate, was built in 1995 and recently underwent extensive renovations, earning it an EPC 'A' rating. It is currently leased for 10 years to a subsidiary of a major US freight forwarder.
Log In, established in 2022 with French company Theoreim, is the first French SCPI focused on European logistics. Principal Asset Management manages the fund, aiming to expand its holdings in industrial, logistics, data centre, and life sciences sectors with assets valued between €5 mln and €25 mln. The fund's current portfolio includes 16 properties in the UK, Spain, Italy, Ireland, Germany, and Poland.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This new Scottish investment illustrates our investment strategy focused on strong tenants operating in key logistics sectors. With a long-term lease and a recently renovated asset, this investment provides solid long-term performance prospects and is fully in line with our pan-European strategy”.
Romain Welsch, president of Theoreim, added: “This new acquisition in Scotland strengthens the SCPI's exposure to logistics assets alongside industrial and life sciences assets. This acquisition of a fully renovated asset allows Log In to maintain its weighted average lease break above 9 years, ensuring visibility for our investors”.