Capabilities

Investment Services

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Fund Accounting

At At Principal Real Estate Europe, we are able to offer a complete accounting solution for real estate funds in multi-jurisdictional investment structures. With customized reporting and local back office support we deliver end to end reporting from property to fund level to support fund managers and maximise performance.

Our services include fund and property level accounting to provide net asset calculations according to INREV, EPRA, IFRS and other local GAAP standards. We provide Financial and Investor reporting as well as Statutory reporting and coordination of annual audits.

Our expertise includes the understanding of local markets with accounting teams in key European jurisdictions and a single point of contact to facilitate seamless communication.

Our knowledge and experience covers a wide range of accounting standards including IFRS and local GAAPs such as Luxembourg, Germany, the Netherlands, Spain and the UK.

Substantial resources and expertise are dedicated to remaining an industry expert in real estate systems and our client’s needs. Using our purpose-designed data warehouse enables the provision of “fit for purpose” accounting solutions which meet the requirements of fund managers and investors alike.

Our system provides a real time web-based view of the financials across the portfolio using Yardi V.7s and FinAsset.

Debt Management & Treasury

In addition to core fund and asset management, Principal Real Estate Europe provides additional services to manage loan exposures and treasury issues for funds under management.

Debt management
Principal Real Estate Europe maintains high level relationships with banks and other lenders, facilitating competitive debt finance terms for our investments under management and achieving enhanced outcomes in any restructuring and financing negotiations.

Full transparency with lenders
Excellent relationships arise from regular contact and also from the provision to lenders of full investor reports. A key aim is to flag issues early in order to actively manage negotiations.

Interest risk management
We work with investors and with lenders to achieve optimal hedging solutions: minimising cost and maximising flexibility.

Treasury services
Currency risk management
Working with investors to identify optimal risk profile and to implement the required strategy.

Ongoing cash management
Ensuring that investment cash flows are managed efficiently and that surplus cash meets risk versus return objectives.

Company Secretarial

Principal Real Estate Europe provides a suite of investment management services in addition to core fund and asset management capabilities and offers in-house expertise across a full range of “professional services” including company secretarial services.

Investors can expect access to these services and functions:

  • Fund structuring, implementation and operation
  • Drafting and implementing asset management, investment management, loan and other documents
  • Ensuring that all corporate governance issues are identified and dealt with
  • Monitoring compliance with fund documentation
  • Co-ordinating distributions and payments to investors
  • Where legal advice is outsourced, driving decisions (selection, monitoring and fee negotiations) on third party legal providers in order to obtain best value for money

Principal Real Estate Europe can draw on a wealth of in-house knowledge in terms of fund structuring and operational matters.

Principal Real Estate Europe includes Company Secretarial as services within its Operations team which has experienced personnel operating out of each of its offices.

Tax & Structuring

In addition to core fund and asset management expertise, Principal Real Estate Europe has a full range of vertically integrated services to improve the performance of funds and assets under management, to simplify outcomes and responsibilities for investors and lead to ‘sale-optimisation’. Tax and structuring is an important element of what we term professional services and includes:

Structuring advice
Ensuring tax-efficient holding structures provide maximum flexibility while balancing commercial considerations of cost and ongoing management of fund entities, while co-ordinating external advice where appropriate.

Ongoing advice
On tax implications in the course of acquisitions, dispositions, refinancings etc.

Compliance
With statutory tax reporting and filing.

Integrity of holding structures and residency
Demonstrating management and control in line with substance and residency requirements by experienced professionals across Principal Real Estate Europe offices. To include structuring for potential new funds, refinancing, acquisitions and disposals.

Sale optimised
Principal Real Estate Europe tax and structuring expertise is important to ensure that assets and entities are maintained in a ‘sale-optimised’ state, ensuring that compliance requirements are up to date, achieving efficiency in time and cost through the disposition process.

Regulatory Compliance

Principal Real Estate Europe is regulated in Germany (by Bafin), the United Kingdom (by the Financial Conduct Authority), France (by AMF) and in Luxembourg (by the CSSF) and has implemented robust and consistent processes, systems and controls across the business to ensure risks are being properly managed, clients’ and investors’ interests are properly protected and regulatory obligations are being met or exceeded.

 

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.