Principal Asset Management has acquired a 5,000 sq m (circa 54,000 sq ft) life sciences asset in Galway for an undisclosed price.
The asset comprises two buildings and provides warehouse space, laboratory rooms, research space and offices. It is let for a fixed term of nine years to a company that designs and manufactures medical equipment.
The deal is Principal Asset Management’s first acquisition in Ireland for LOG IN, the European logistics and industrial fund managed by Theoreim.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This new acquisition marks a key stage in the pan-European development of LOG IN, with the entry into the Irish market via an asset located at the heart of a strategic logistics region. With a long-term lease and occupied by a first-rate tenant, this investment once again illustrates our ability to combine stability and performance.”
Romain Welsch, president of Theoreim, added: “LOG IN is continuing its geographical diversification with the acquisition of its first asset in Ireland, strategically located within a centre of excellence dedicated to the medical sector. This investment is fully in line with our strategy of identifying attractive assets, leased to leading companies, thus guaranteeing secure rental flows over the long term.
“Now established in five European markets, LOG IN continues to expand its portfolio and strengthen its position in high-growth sectors with a promising future. The acquisition of this mixed-use asset, combining industry and life sciences, also consolidates the sector diversification of the SCPI, which already has a strong presence in the industrial and logistics sectors.”
