FUNDS

Principal Core European Series

Principal European Core Fund

Opportunity to invest in a seeded Pan-European core real estate fund offering a stable income return from a diversified asset base.

The Principal European Core Fund is an open-ended, Pan-European diversified core fund that principally invests in the traditional real estate asset classes (office retail and logistics) with a modest allocation to specialist sectors such as student housing and healthcare.

The fund seeks to achieve long-term stable income returns, utilising Principal Real Estate Europe’s market knowledge and on the ground teams to benefit from the various market cycles in Europe and the opportunities presented by the specific characteristics of individual assets.

Diversifying by asset type, geography and sector will help to deliver a stable income return profile, with exposure to specialist asset classes, including ‘social infrastructure’, providing a potential balance to the cyclical nature of the traditional sectors.

The fund targets expansion to a GAV of €1.2bn by 2021, by investing in core/manage-to-core™ properties in the main Western European markets.

RISK PROFILE

  • % of fund Core/Core+ (by valuation) 100%
  • % of fund Value Add (by valuation) 0%
  • % of fund Opportunistic (by valuation) 0%
MANAGER

Principal Real Estate Spezialfondsgesellschaft mbH

STRUCTURE

Real Estate AIF according to KAGB for institutional investors

ASSET-CLASS

Office, Retail, Logistics, Alternative (Student Housing, Healthcare, Residential, Leisure)

INVESTMENT UNIVERSE

Europe

INVESTMENT STYLE

Core

INCEPTION / DURATION

Launched in 2017, open-ended fund.

PLANNED EQUITY

€840 million

PLANNED TOTAL INVESTMENT VOLUMES

€1.2 billion

GEARING

Max 40% with a target of 30% LTV

TARGET LOT SIZE

€50 million +

INITIAL TARGET RETURNS

5% cash flow yield p.a. (10-year average), up to 7% IRR

TOTAL EXPENSE RATIO (TER)

1.5%

GEOGRAPHIES

Giles Smith and Sandra Wriedt - Fund Managers - Biographies and contact details


Giles Smith

Head of Fund Management

As Head of Fund Management, Giles is responsible for asset and fund management services provided by INTERNOS. A Chartered Surveyor with 14 years’ experience in fund management and corporate real estate, Giles began his career with ATIS Real Weatheralls, providing corporate real estate and consulting services for major listed companies such as London Electricity and Barclays. Giles moved on to become Real Estate Corporate Finance Manager at Deloitte & Touche, working on real estate transactions including the sale and leaseback of 41 hotels for the WA Shearings Group (£110m) and the sale of 24 hotel assets for Macdonald Hotels (in excess of £400m); as well as providing structural and strategic advice on real estate investment funds. More recently, Giles became a Fund Manager with GPT Halverton in 2008, and has been a Fund Manager with INTERNOS since 2010, responsible for a number of real estate investment funds including HBI Netherlands, Dutch Active Fund, Benelux Industrial Partnership, German Office Fund and Alecta Netherlands.


Phone: +44 (0)20 7355 8800

Email: Smith.Giles@principalreeurope.com



Sandra Wriedt

Fund Manager

Before joining Principal Real Estate Europe Sandra worked for PATRIZIA for almost 4,5 years. First she joined the Real Estate Development Department at PATRIZIA for about 2 years where she was supporting the team regarding the acquisition of suitable development sites for residential purposes mainly. Later she became a Fund Manager at PATRIZIA being responsible for a value add fund and had the chance to gain experience in residential and commercial real estate in Germany and Europe.
Sandra holds a double master degree in Real Estate with focus on Real Estate Investment and Finance and Real Estate Management and Development.


Phone: +49 (0)69 5050 6690

Email: Wriedt.Sandra@principalreeurope.com

Principal Real Estate Limited
www.principalrealestate.eu
Phone: +44 (0)20 7355 8800    Fax : +44 (0)20 7355 8801

Principal Real Estate Spezialfondsgesellschaft mbH
www.principalrealestate.eu
Phone: +49 (0)69 5050 6690    Fax : +49 (0)69 5050 66929

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