Principal Global Investors has completed the purchase of UK-headquartered pan-European real estate manager Internos Global Investors.
Internos gathers over 100 employees based in eight European offices and had €2.68bn (€2.16bn) in assets under management as of 31 December 2017. The firm was granted regulatory approvals in Luxembourg, France and Germany in addition to the UK.
Under PGI’s multi-boutique operating model, Internos will be renamed Principal Real Estate Europe while its investment independence and its management team will not be affected.
Principal Real Estate Europe will be part of Principal Real Estate Investors, which managed or sub-advised $79.2bn (€63.9bn) in real estate assets globally as of end December 2017.
“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.”
Commenting on the acquisition, Andrew Thornton, CEO of Principal Real Estate Europe, added: “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.”