Principal Asset Management has acquired a 7,200 sq m (77,500 sq ft) logistics facility in Cumbernauld, Scotland, on behalf of LOG IN, the European logistics and industrial fund managed by Theoreim.
The facility, which is located at Westfield Industrial Estate, is let to the subsidiary of a US-based global freight forwarder on a 10-year lease with no break clause.
Originally built in 1995, the property has recently undergone a comprehensive refurbishment programme taking its EPC rating to A.
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 nine years, ensuring visibility for our investors.”
