Principal Asset Management, a company specialising in real estate investment and management, has closed the sale & leaseback transaction in Pamplona of a 16,800 sqm industrial and logistics asset.
The buyer of the asset is Log In, a French SCPI dedicated to industrial and logistics real estate in Europe, managed by Theoreim Principal Asset ManagementSM, which acts as a pan-European investment and asset manager.
The asset, with a total surface area of 16,800 square metres and comprising two warehouses and an office building, is located in the Arazuri Industrial Estate, in the vicinity of Pamplona (Navarra). An area where industrial and logistics platforms of renowned international companies are already in operation and which is consolidating its position as an attractive enclave with a long history.
"Industrial companies with a high
capacity for growth are
are betting on sale & leaseback".
Oriol Gual, national director of industrial and logistics at Colliers, the firm that has advised on the operation, points out that "at a time of high interest rates and difficulties in accessing the capital market, industrial companies with high growth capacity are opting for sale & leaseback. This formula allows them to maximise the amount received and reduce the impact on the income statement compared to a mortgage loan. This structure is also being used in the acquisition of companies with real estate assets on their balance sheet".
"Our local presence in Spain has made it possible to complete this first acquisition for Log In in the country on a short time," says Guillaume Masset, Chairman of Principal Real Estate, "while other investments are also underway, particularly in Italy and the UK, our presence in eight European countries allows us to support Log In in its diversification.
