Principal Global Investors, the asset management branch of Principal group, is set to assume ownership of Internos Global Investors, a pan-European real estate investment firm managing $3.25bn (€2.72bn) in assets.
The transaction, subject to regulatory approval, includes a rebranding of Internos as Principal Real Estate Investors Europe while it will retain its investment and management independence and will be resourced by Principal group.
“As Principal grows its investment offerings and operations in Europe, we will continue to strategically invest in capabilities to deliver a greater range of solutions to our clients. In addition to gaining a pan-European real estate platform, Internos has local expertise and infrastructure in key European cities to grow our client base on the continent,”said Pat Halter, chief operating officer of Principal Global Investors.
“As part of Principal, we will be in an even stronger position to offer attractive opportunities to our clients and investor partners, combining the resources of a leading global investment firm with the small-business agility and deep European market knowledge of Internos,” said Andrew Thornton, CEO of Internos.
Principal Real Estate Investors has $74.9bn (€62.8bn) in AUM.