About UsIntroduction and timeline
Principal Real Estate Europe was formed through the acquisition of INTERNOS Global Investors by the Principal Financial Group in 2018.
INTERNOS was founded by Jos Short and Andrew Thornton in May 2008. Both have a strong track record in international real estate investment having previously held senior positions with Pramerica and Invesco respectively. The Lehman Brothers collapse in 2008 was the backdrop to the first year of the Company during which it had recruited the nucleus of a strong executive team..
After September 2008, virtually no new real estate funds were launched in Europe or North America and the team concentrated on manager replacement opportunities.
Most significantly, INTERNOS joined the bidding in late 2009 to acquire (at a nominal fee) the Australian GPT group’s European fund business as it made a strategic decision to exit Europe.
Competing with up to 40 of its peers and having to convince both GPT and the larger fund investors of its credentials, INTERNOS was successful and took over GPT Halverton in December 2009. This gave a vital platform of approximately €1.5 billion assets under management and a team with on the ground expertise in Germany and the Netherlands as well as a highly reputed fund management and structuring team in London and Luxembourg. Since 2009 INTERNOS has grown through fund closings, winning new separate account mandates, and succeeding in manager replacement bids.
On 3 April 2018, Principal Financial Group and INTERNOS Global Investors announced that Principal had successfully concluded its acquisition of INTERNOS. INTERNOS became Principal Real Estate Europe, retaining its investment and management independence as part of Principal’s multi-boutique operating model, while gaining access to the resources and scale of a major financial institution.
INTERNOS was founded by Jos Short and Andrew Thornton in May 2008. Both had been top managers in international real estate investment for large American corporations for some time – Pramerica and Invesco respectively. The Lehmann Brothers collapse in 2008 was the backdrop to the first year of the Company during which it had recruited the nucleus of a strong executive team.
INTERNOS’ successful growth over the last decade is a result of the fact that our offerings are driven first and foremost by the needs of our clients. Whether it is a separate account, a commingled fund, a listed vehicle or a manager replacement mandate, our approach always begins by gaining a deep understanding of our clients’ requirements: asking probing questions and listening intently to the answers.
Our clients include many of the world’s leading institutions including investors from North America, The Middle East and Asia-Pacific regions as well as Europe.
Manage to Core™
Manage to Core™ is part of a process of habitual and constant review of the assets we manage – only credible as part of our ‘feet on the ground’ policy working towards asset and sale optimisation.
Andrew Thornton, together with Jos Short, founded INTERNOS Global Investors (now Principal Real Estate Europe) in 2008. As CEO, Andrew is responsible for driving forward the business and delivering performance from our funds under management. Andrew has led key business initiatives including the acquisition of GPT Halverton and CommerzReal Spezialfonds, securing manager replacement mandates and structuring fund transformations.
Previously, Andrew was one of the founders and ultimately Chief Operating Officer of Invesco Real Estate in Europe, a business formed in 1997 as Parkes and Company. From 1993 to 1996, with developer Lend Lease, he was involved in the viability study, site acquisition and eventual development of Bluewater, one of Europe’s leading shopping centres. He joined Lend Lease from Weatheralls where he valued, leased and transacted properties across England and Central London.
Andrew has a degree in Economics and Land Economy from Cambridge University and holds an MBA. He is a Fellow of The Royal Institution of Chartered Surveyors, a Chartered Fellow of the Securities and Investment Institute and a Fellow of the Chartered Institute of Marketing.
Jos Short, together with Andrew Thornton, founded INTERNOS Global Investors (now Principal Real Estate Europe) in 2008. In 2009 they jointly led the acquisition from GPT, and subsequent integration into INTERNOS, of the Halverton real estate investment management business. From 2000 to 2007, Jos was CEO of Pramerica’s real estate private equity business, where he founded four funds, the last of which raised $700 million of equity. These funds were involved in many noteworthy real estate transactions across Europe and included important pioneering and performing investments in counter-cyclical assets such as self storage and senior housing.
From 1998 to 2000 Jos was with Lazard Bros initially as head of the 18 man property division running three funds. Disposing of this business for Lazards, he went on to run their M&A unit in European real estate. From 1991 to 1998 with Barings, he became head of the team responsible for securitisations, banking and corporate finance for European real estate clients.
From 1986 to 1991 with SG Warburg, he was first responsible for capital markets, bond issues, commercial paper and MTN programs for Japanese subsidiaries in Europe and in his last three years, in the real estate team, for devising structured banking and bond issues for the UK property sector. He joined Warburg’s from American National Bank and Trust Co of Chicago.
Jos has a degree in banking and finance from Loughborough University of Technology and is a member of The Chartered Institute of Bankers.