Regulation & Governance

Principal Real Estate Europe’s philosophy is to maintain a robust governance framework, incorporating consistent processes, systems and controls across its entire business which are appropriate to manage risk effectively, satisfy all regulatory requirements and protect the interests of clients and other stakeholders.

Principal Real Estate Europe’s governance framework comprises:

Principal Real Estate Europe Board

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

Management Committee

The Principal Real Estate Europe Management Committee, which comprises the senior executives from within the business, including the heads of each function, meets formally on a quarterly basis, under the chairmanship of Andrew Thornton (Chief Executive), to agree on the implementation of the business strategy, ensure risks are being identified and managed effectively and discuss key aspects of business operations and performance.

Investment Committee

The Principal Real Estate Europe Investment Committee comprises: senior investment professionals from across the business, together with the Head of Research and the Chief Operating Officer, under the chairmanship of Jos Short. The Committee makes decisions or recommendations on all acquisitions, disposals, major lettings and financings for our fund and asset management mandates and segregated account clients. The Committee meets on a regular basis to receive investment proposals with detailed minutes being 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

Principal Real Estate Europe is authorised as an Alternative Investment Fund Manager (AIFM) under the Alternative Investment Fund Manager’s Regulations 2013 in Germany, France and the United Kingdom.

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.

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 the
  • Luxembourg domiciled Principal European Core Fund, Principal Eurozone Durable Income Fund and Principal’s Hotel Fund II (Principal Hotel Immobilienfonds II SCS) under a management passport.

The Board of Principal Real Estate SAS comprises:

  • Guillaume Masset and
  • Remy Bonnel

AMF registration number: 89158

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 as the Alternative Investment Fund Manager for various German Spezialfonds including the Principal Care Invest II fund and Principal European Office funds.

The Board of Principal Real Estate Spezialfondsgesellschaft mbH comprises:

  • Paul Muno
  • Ute Suhrbier-Hahn

The company is authorised and regulated by the Federal Financial Supervisory Authority of Germany (BaFin)

BaFin registration number: 118556

Principal Real Estate Kapitalverwaltungsgesellschaft mbH

Principal Real Estate Kapitalverwaltungsgesellschaft 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 as the Alternative Investment Fund Manager for Principal’s first Hotel Fund.

The Management Board of Principal Real Estate Kapitalverwaltungsgesellschaft mbH comprises:

  • Jochen Schaefer-Suren
  • Paul Muno

The company is authorised and regulated by the Federal Financial Supervisory Authority of Germany (BaFin)

BaFin registration number: 124996

Supervisory Board

The joint Supervisory Board of both Principal Real Estate Spezialfondsgesellschaft mbH and Principal Real Estate Kapitalverwaltungsgesellschaft mbH comprises:

  • Jos Short
  • Andrew Thornton
  • Jennifer Greenwood (independent member)

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.

The company acts as investment adviser or delegated portfolio manager for the Principal European Core Fund, the Principal Eurozone Durable Income Fund and Principal’s Hotel Fund II.

The Board of Principal Real Estate Limited comprises:

  • Andrew Thornton
  • Jos Short
  • Roger Lees

FCA registration number: 564971

Sustainability Finance Disclosure Regulation (“SFDR”)

 The information required to be published on this website pursuant to Articles 3(1), 4, and 5(1) of Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector in respect of Principal Real Estate SAS, Principal Real Estate Spezialfondsgesellschaft mbH and Principal Real Estate Kapitalverwaltungsgesellschaft mbH is included in the following documents:

PGI – SFDR Remuneration Disclosure

PGI – Principal Adverse Impacts Investment Due Diligence Policy

PGI – Sustainability Risks Policy   

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

 

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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.

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