Principal Asset Management has expanded its Polish portfolio with the acquisition of a 16,281 sqm industrial property in Kraków, in a sale-and-leaseback transaction on behalf of Log In, the European logistics and industrial fund managed by Theoreim.
The property is occupied by an European industrial company operating across several countries and multiple production sites. The occupier has leased back the property on a new 10-year triple net lease, under which all operating, maintenance and repair costs are borne by the tenant.
The property is situated in the Nowa Huta industrial zone, east of Kraków, and benefits from direct access to the A4 motorway, the main logistics route crossing southern Poland. Built in 2001 and refurbished in 2008, the asset features six loading bays, four ground-level doors, a floor load capacity of five tonnes per square metre and a clear height of up to 13.5 metres in certain areas.
In line with the fund's investment strategy, the property will undergo a programme of environmental improvements. An investment plan is scheduled for the first few years of ownership to optimise the site's energy performance and support the tenant's environmental transition.
Guillaume Masset, Head of Transactions and Asset Management for Europe at Principal Asset Management, said: "This acquisition in Kraków confirms our ability to position ourselves in competitive markets whilst supporting leading industrial users. It brings Log In's portfolio to twenty properties and marks the SCPI's second acquisition in Poland." Romain Welsch, President of Theoreim, added: "This transaction enables us to expand our presence in Poland, a dynamic market driven by the growth of its industrial base and logistics infrastructure."
Axi Immo introduced the deal to Principal Asset Management.
Principal Asset Management is seeking to increase Log In’s exposure to the industrial, logistics, data centre and life sciences sectors by acquiring assets in lot sizes ranging from €5 to €25 million, adding to its existing portfolio of 20 assets in the UK, Spain, Italy, Ireland, Poland and Germany.
