The acquisition of INTERNOS adds significant European real estate investment capability to PGI, bringing with it a platform of more than 100 employees based in eight European offices with €2.68bn in AUM (as of December 31, 2017). INTERNOS has regulatory approvals allowing it to offer investment solutions to its clients and investors across key European jurisdictions.
As part of PGI’s multi-boutique operating model, INTERNOS will be renamed Principal Real Estate Europe, retaining its investment independence and its management team while gaining access to the resources and scale of a major financial institution. Principal Real Estate Europe will be part of Principal Real Estate Investors, which manages or sub-advises €63.8bn ($79.2bn) in real estate assets globally (as of December 31, 2017). Principal Real Estate Investors’ capabilities cover all four quadrants encompassing public and private, equity and debt real estate investment solutions.
“This acquisition marks a significant step in our strategy to continue to grow PGI’s investment capabilities and operations in Europe,” said Tim Stumpff, CEO of Principal Global Investors Europe. “We are excited by the opportunity to expand our client base in Europe alongside offering greater access to attractive pan-European Real Estate investment opportunities to our existing clients globally.”
Andrew Thornton, CEO of Principal Real Estate Europe, commented: “Since reaching an acquisition agreement with Principal Global Investors in November, we have had the opportunity to work more closely with their team and explore a range of strategies to expand our investment activity across Europe. The combination of our European platform and expertise together with Principal’s investment capabilities and access to global capital is going to create exciting investment opportunities at an interesting phase of the real estate investment cycle.”