Principal acquires 172,000 sq ft Alnwick life sciences asset
A sale and leaseback deal with occupier Quotient has seen the Northumberland facility acquired for LOG IN, the European logistics and industrial fund managed by Theoreim.
Drug development business Quotient Sciences’ Alnwick base, one of four UK sites along with three in the US, provides 172,000 sq ft of office and lab space across four recently refurbished buildings.
The deal marks LOG IN’s fourth acquisition in the UK.
Quotient supports pharmaceutical and biotechnology companies through all stages of drug development. The group has leased back the Alnwick site, located close to the A1, on a 20-year lease.
LOG IN was created in 2022 in partnership with the French alternative investment management company, Theoreim.
Principal Asset Management, with eight offices in Europe, is the investment and asset manager of the fund and 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 €5m to €25m, adding to its existing portfolio of ten assets in the UK, Spain, Italy and Germany.
Guillaume Masset, head of transactions and asset management for Europe at Principal Asset Management, said: “This new asset with a very long lease will diversify the existing portfolio of the fund while strengthening its average lease term.
“This acquisition illustrates the strong rationale of partnering with players in strategic European sectors. The life sciences sector is driven, particularly in the UK, by the government’s strong economic support for research and development and is a promising sector for investment.”
Romain Welsch, president of Theoreim, added: “LOG IN has taken a new strategic step with the acquisition of its first life sciences property complex. This acquisition strengthens the sector diversification of the SCPI, which is already well established in the industrial and logistics sectors.
“By continuing its European expansion with this eleventh acquisition, LOG IN is expanding its property portfolio, offering greater expertise and opportunities across fast-growing sectors of the future.”
Principal Asset Management was advised by GPLI.
