Principal’s Log In fund acquires logistics asset in Pamplona

Principal Asset Management has expanded its European logistics and industrial fund, Log In, by acquiring a logistics property in Pamplona, northern Spain. 

LogIn Pamplona

This marks Log In's nineteenth acquisition and strengthens its Spanish footprint.
The 11,051 m2 property is leased for 15 years to a prominent Spanish transport and integrated logistics operator serving clients across Spain, Portugal, and Morocco. Designed for heavy industrial and logistics use, the facility features reinforced flooring and a five-ton overhead crane.
Strategically located in the Arazuri-Orcoyen industrial zone, a key economic hub just 10 minutes from Pamplona's city centre, the property also benefits from its proximity to another Log In asset acquired in 2022. Navarre, where the zone is situated, is one of Spain's most industrialised regions, providing excellent access to major national and international transport routes. 
This acquisition aligns with Log In's strategy of investing in high-quality assets in strategic European locations.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This acquisition in Pamplona illustrates our ability to invest in industrial assets located in established logistics markets and leased under long-term firm leases to leading tenants. It strengthens the Log In portfolio in Spain and marks the fund’s fifth transaction in this market, including its third within the Pamplona logistics market”. 
Romain Welsch, president of Theoreim, added: “This acquisition, located in Pamplona’s number one business area, in the immediate vicinity of one of the buildings acquired by Log In in 2022, is leased to a group that is already one of our tenants. The relationships we maintain with our tenants enabled us to complete this complex transaction within a very tight timeframe”. 
Log In, established through a partnership with French alternative investment management company Theoreim, is the first French SCPI (Société Civile de Placement Immobilier) specifically focused on European logistics. Principal Asset Management serves as the fund's investment and asset manager.
The fund aims to enhance Log In's presence in the industrial, logistics, data centre, and life sciences sectors. It seeks to acquire assets in lot sizes ranging from €5 mln to €25 mln, adding to its existing portfolio of 17 properties located in the UK, Spain, Italy, Ireland, and Germany.