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