ABOUT US

Corporate Governance

INTERNOS was founded in 2008 with the objective of identifying, investing in and managing real estate opportunities throughout Europe for institutional investors. On 16 April 2018, INTERNOS’ business was acquired by Principal Financial Group to become Principal Real Estate Europe (“Principal”).

Principal’s philosophy is to have consistent processes, systems and controls across its entire business which are appropriate to manage risk effectively and satisfy the requirements of European regulators such as the FCA, BaFin, AMF or CSSF.

The Group has five regulated entities and is authorised as an Alternative Investment Fund Manager under the Alternative Investment Fund Managers Regulations 2013 in Germany, France and the United Kingdom.


PRINCIPAL REAL ESTATE LIMITED
Principal Real Estate Limited is a limited company authorised and regulated by the Financial Conduct Authority in the United Kingdom to act as an Alternative Investment Fund Manager. FCA registration number: 564971


PRINCIPAL REAL ESTATE SAS
Principal Real Estate SAS is authorised and regulated by the French Autorité des Marchés Financiers (AMF) to launch and manage the following vehicles:
• Fonds de Placement Immobilier (FPI),
• Société de Placement à Prépondérance Immobilière à Capital Variable (SPPICAV)
The company is also authorized as the Alternative Investment Fund Manager for Principal’s Hotel Fund II (Principal Hotel Immobilienfonds II SCS)

AMF registration number: 89158


PRINCIPAL REAL ESTATE KAPITALVERWALTUNGSGESELLSCHAFT MBH

Principal Real Estate Kapitalverwaltungsgesellschaft mbH Principal’s first KVG and manages Principal’s Hotel Fund I. Its current permissions comprise:
• Management of real estate investment funds in accordance with § 230ff. KAGB;
• Management of special investment funds with fixed investment conditions in accordance with § 284 KAGB, if these only invest in the assets exclusively mentioned in § 231 instruments as well as derivatives if acquired for hedging purposes.
• Management of individual portfolios of real estate assets for third parties and the provision of related investment advice;
• Other activities that are directly related to the above services and ancillary services
The company is authorised and regulated by the Federal Financial Supervisory Authority of Germany (BaFin)
BaFin registration number: 124996


PRINCIPAL REAL ESTATE SPEZIALFONDSGESELLSCHAFT MBH
Principal Real Estate Spezialfondsgesellschaft mbH holds the following permissions:
• Management of real estate investment funds in accordance with § 230ff. KAGB;
• Management of special investment funds with fixed investment conditions in accordance with
§ 284 KAGB, if these only invest in the assets exclusively mentioned in § 231 instruments as well as derivatives if acquired for hedging purposes.
• Management of individual portfolios of real estate assets for third parties and the provision of related investment advice;
• Other activities that are directly related to the above services and ancillary services
The company is authorised and regulated by the Federal Financial Supervisory Authority of Germany (BaFin)
BaFin registration number: 118556


PRINCIPAL REAL ESTATE S.À R.L.
Principal Real Estate S.à r.l. is authorised in Luxembourg by, and subject to the control of, the authority supervising the Luxembourg Financial Sector, the Commission de Surveillance du Secteur Financier (“CSSF”) and by the Minister of Finance to act as a Professional of Financial Sector (“PFS”) to provide domiciliation services to third party clients
CSSF registration number: P00000737


Principal’s Pillar III disclosures are being updated and will be added shortly


Principal Real Estate Europe Limited Board
Principal Real Estate Europe Limited is the top company in the Principal’s European Real Estate Group. The board comprises senior executives from Principal Financial Group, Principal Global Investors and Principal Real Estate Europe. The board is responsible for overseeing the governance and strategic direction of Principal Real Estate Europe and considers key market trends and risks and sets the strategic priorities for the group which are then executed at the Management Board level.


Management Board
The Principal Real Estate Europe Management Board, which includes the heads of each function in the business, meets formally on a quarterly basis, under the chairmanship of Andrew Thornton (Chief Executive), to agree on the implementation of the Group strategy, to ensure risks are being managed effectively and to discuss key aspects of business operations and perfromance.


Investment Committee
The Principal Real Estate Europe Investment Committee comprises senior investment professionals under the chairmanship of Jos Short. The Committee makes decisions on acquisitions, disposals, major lettings and financings for our fund and asset management mandates and segregated account clients. The Committee meets weekly to receive investment proposals and detailed minutes are taken. Prior to the final sign off of an acquisition a further investment paper is circulated to the Investment Committee for approval, highlighting any items discovered during due diligence that the Committee should take into consideration.


Regulated Boards

The boards of each regulated AIFM entity meet on a regular basis to review portfolio and risk management and to ensure regulatory obligations are being met.

This website, the distribution of information on it and the offer or placement of interests in any fund managed by Principal Real Estate Limited (“Principal Real Estate”) or any of its affiliates (a “Fund”) may be restricted by law or regulation in certain jurisdictions. This website and the information on it is only directed at persons, and interests in any Fund will only be available for investment, to the extent that it is lawful under all applicable law and regulation to do so in any relevant jurisdiction. This website and the information on it are not addressed to any person resident in any jurisdiction where such distribution would be contrary to local law or regulation. Accordingly, visitors to this website should inform themselves about, and observe, local laws in their own jurisdiction which may restrict their ability to engage the services of Principal Real Estate or any of its affiliates, or to invest in any Fund.

In particular for investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

In addition in the United Kingdom, this website and the information on it is intended only for, and is directed only at, persons who both (i) are capable of being treated by Principal Real Estate as professional clients or eligible counterparties, as each term is defined in the rules of the FCA, and (ii) fall within an exemption from Section 21 (or, in relation to communications by Principal Real Estate concerning collective investment schemes, Section 238) of the Financial Services and Markets Act 2000 (“FSMA”) in accordance with (a) Article 19 of the FSMA (Financial Promotion) Order 2005 (“FPO”) or Article 14 FSMA 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (“CIS Order”), being investment professionals having experience in relation to investments including unregulated funds, (b) Article 49 FPO or Article 22 CIS Order, being certain high net worth companies, trusts and unincorporated associations etc., or (c) being any other class(es) of person in or outside the United Kingdom to whom this website and its contents may otherwise lawfully be communicated. This website and the information on it and the opportunity to invest in the Funds is only available to such persons in the United Kingdom and this website and the information therein must not be relied or acted upon by any other persons. This website is not directed at or intended for U.S. persons and by accessing this website you represent to Principal Real Estate and its affiliates that you are not a U.S. person as defined in Regulation S under the United States Securities Act of 1933, as amended and are not acting on behalf of a U.S. person, nor purchasing with a view to re-sale in the US or to or for the account or benefit of a U.S. person.

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

When using this website and clicking accept below, you agree you will comply with all applicable local, national and international laws and regulations, including but not limited to those laws and regulations relating to data privacy, international communications and exportation of technical or personal data. In certain jurisdictions it may be illegal to access, view or download the information contained on the website and Principal Real Estate and its affiliates hereby disclaim all responsibility and liability if you access or download any information from this website which is in breach of any law or regulation of the jurisdiction in which you are a citizen, resident or domiciled.

This website and the information contained therein is not intended to provide the basis of any investment decision relating to Funds, products or services and any potential investor accessing this website should not solely rely on this website in evaluating the virtues of investing in any investments in such Funds, products or services referred to on this website. Any decision by a person to purchase interests in Funds, products or services must only be made following such person having thoroughly read all of the related materials to such investment including the relevant prospectus or offering memorandum for the relevant Fund and any supplements or appendices thereto, which must be received and reviewed prior to a person making any such investment decision. The relevant prospectus or offering memorandum for the relevant Fund may contain different information to the information and opinions contained on this website at any point in time. Any person purchasing an interest in a Fund, product or service referred to on this website must be able to bear the risks involved and must satisfy the relevant suitability requirements relating to such purchase of an interest in a Fund, product or service. Furthermore, some or all investment programs included on the website may not be suitable for certain investors.
The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Before accessing this website please confirm that you have understood and agree to the above and that you understand yourself to be, or be representing, an Eligible Person.