FUNDS

Principal Core European Series

Principal European Office Fund

The Principal European Office Fund invests in a diversified European portfolio of office properties.

Principal European Office Fund is a balanced, geographically diversified office property fund with long term value stability. The focus of the investment strategy is on first-class European properties in excellent locations. The target volume of the fund is €600 million. At present, €162 million is invested in seven properties (Amsterdam, Lisbon, Milan, Paris, Toulouse).

We believe that both the positive return expectations for European office property investments compared to other asset classes, as well as the excellent financing environment make this strategy especially attractive. Our market presence and experience enable us to target investments in countries with favourable market conditions, delivering attractive, risk adjusted returns.

RISK PROFILE

  • Core / Core+ 100%
  • Value-added 0%
  • Opportunistic 0%
MANAGER

Principal Real Estate Spezialfondsgesellschaft mbH

STRUCTURE

Real estate AIF according to KAGB for institutional investors

ASSET-CLASS

Office

INVESTMENT UNIVERSE

France, Netherlands, Portugal and Italy as well as prospectively Belgium and Spain.

INVESTMENT STYLE

Core/Core+

INCEPTION / DURATION

2003

PLANNED EQUITY

€300 million planned;
€139 million currently

PLANNED TOTAL INVESTMENT VOLUMES

€600 million planned;
€162 million currently

GEARING

Max: 50%

TARGET LOT SIZE

€20 – €50 million

INITIAL TARGET RETURNS

4.5 – 5.5 % cash flow yield p.a. (10-year average),5.5 – 6.5 % IRR

TOTAL EXPENSE RATIO (TER)

1%

GEOGRAPHIES

Principal Real Estate Limited
65 Grosvenor Street, London W1K 3JH, United Kingdom

Phone +44 (0) 20 7355 8800       Fax +44 (0) 20 7355 8801
www.principalrealestate.eu

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