Principal Asset Management has made its first foray into the Irish market by acquiring a 5,000 sq m life sciences asset in Galway for LOG IN, its European logistics and industrial fund.
The asset, comprising two buildings with warehouse, laboratory, research, and office space, is leased for nine years to a medical equipment design and manufacturing company.
Situated in a key scientific and university hub, the site benefits from strong transport links, including the M6 motorway to Dublin, two airports, and proximity to the port of Cork.
LOG IN, launched in 2022 in partnership with French alternative investment firm Theoreim, is the first French SCPI (Société Civile de Placement Immobilier) focused on European logistics. Principal, which manages the fund across Europe, aims to expand its presence in industrial, logistics, data centre, and life sciences sectors with acquisitions between €5 million and €25 million.
Guillaume Masset, Principal Asset Management’s head of transactions and asset management for Europe, described the acquisition as a “key stage” in LOG IN’s pan-European growth. “With a long-term lease and a first-rate tenant, this investment illustrates our ability to combine stability and performance,” he said.
LOG IN now holds 14 assets across the UK, Spain, Italy, Germany, and Ireland.