The pan-European SCPI Log In launched last October and reached a €50 mln capitalisation at the end of December 2022. The newly acquired assets include two properties in Spain and one in Germany.

Theoreim is the management company of Log In.

Acquired as part of a sale & lease back operation, the first asset, comprising three buildings, is located on the outskirts of Pamplona in an established industrial area and leased for a period of 22 years.

The second asset is located in an industrial area of Alicante, close to the urban centre and the port, and is under a 14-year firm residual lease. The site is the headquarters and shipping center of a company specialising in the supply of maintenance equipment for professionals, able to deliver its products in 24 to 48 hours maximum in Europe.

The tenant's activity does not involve high energy consumption and it has recently invested in a logistics robotic system that improves the efficiency and agility of the company, reducing the costs and delivery times of their goods in Europe.

The third asset, located in the Münster region of Germany, is leased to a subsidiary of a Swedish group, a leader in the field of energy-efficient air handling solutions.

The site produces air handling units for animal husbandry and is equipped with photovoltaic panels on the roof.

'These first acquisitions, made outside France, demonstrate our desire to build a European vehicle,' said Romain Welsch, president of Theoreim. 'New acquisition opportunities are being studied in order to quickly diversify the SCPI's assets in other countries.'

'Our local presence in Spain and Germany made it possible to complete these first three acquisitions in a short time,' said Guillaume Masset, president of Principal Real Estate.

'while other investments are also underway, particularly in Italy and the United Kingdom, our presence in eight European countries allowing us to support Log In in its diversification.'