Principal Real Estate Europe is the European arm of Principal Real Estate Investors, the dedicated real estate investment group within Principal Global Investors, part of the US-listed Principal Financial Group.
Principal Real Estate Europe has been investing in European real estate markets since it was founded by in 2008 by Andrew Thornton and Jos Short as Internos Global Investors, creating a cross-border platform with over 100 real estate professionals based in offices in 8 European countries and with expertise in both traditional and alternative real estate sectors. In 2018 Internos became part of Principal Real Estate Investors, adding significant European capability to Principal Real Estate Investors’ existing global platform as a top ten real estate investment manager.
Principal Real Estate Investors builds on a vertically integrated platform that incorporates all disciplines of commercial real estate. By providing access to opportunities across the spectrum of public and private equity and debt investments, our clients are able to customise their real estate portfolios to their specific objectives, including sustainability and risk management guidelines.
Specialised real estate experience across four real estate quadrants
Our capabilities are backed by more than 60 years of real estate investment experience dating back to when we started as part of the real estate investment department of Principal Life Insurance Company.
Since then, we have built a top-tier investment platform that provides comprehensive, specialised capabilities across all four quadrants of commercial real estate: public equity, private equity, public debt and private debt. This platform gives us a unique perspective on the real estate space and capital markets, allowing us to deliver solutions that meet your investment goals.
Our platform provides: broad market access
Our diverse investment teams, located in the U.S., Europe, Asia, and Australia, have deep relationships within the industry, giving us preferred access to commercial real estate investment opportunities. This broad access also contributes to our research, allowing us to continuously incorporate real-time data and information into our underwriting and investment decisions.
Our investment process is team-oriented, multi-disciplined, and research-based. Research is fundamental to our ability to assess relative value both within and across quadrants, and to deliver on your investment goals. The foundation for our investment decisions is a combination of top-down economic and sector analysis with bottom-up asset analysis, providing our investment professionals with the insights they need to successfully execute strategies.
Consistent, risk-adjusted performance
Our goal is to deliver consistent, risk-adjusted performance and superior service. Our market reach and research are vital to achieving this goal—and so is our commitment to innovation, whether it be sustainable investing or the “next generation” investment strategy or solution.
Principal Real Estate Europe timeline
April Principal Financial Group and INTERNOS Global Investors announce the acquisition of INTERNOS. INTERNOS becomes Principal Real Estate Europe.
June First close €133 million equity in Hotel Fund II
May First close €140 million equity in INTERNOS’ flagship core fund, ICE Balanced
April Appointed by a corporate pension fund
November Awarded €200 million Sharia compliant Core/Core+ mandate
February Appointed by South American family office in Iberian investments
April Fund Restructure & additional equity raise in ICE Office+ fund
June Preliminary €500 million multi-core European Fund
March €100 million DREF German Student Accommodation Fund
March INTERNOS / PAREF JV German retail park fund currently with a GAV of €200 million
September Fiduciary Manager €250 million UK Residential Fund
July Appointed manager to £175 million UK Local Shopping REIT
July Second close of Hotel Fund at €210 million of equity
October Mandate from Saxony Doctors up to €200 million in hotels
October Preferred Bidder for €1.68 billion Commerzreal Spezialfonds
November Appointed by British Land to run €230 million PREF
January Appointed to manage Kaupthing’s €90 million Celsius Fund in France
June Grant of KAG licence by BAFin in Germany
January INTERNOS appointed advisor to €168 million Merchant Place Property Partnership
Feburary INTERNOS finalist in ‘Fund Manager of the Year’
June The Decisive Eye wins ‘Best Research’ in Property Marketing Awards
July Paul Muno joins INTERNOS as head of Germany from Commerzreal Spezialfonds
December Manager replacement for €450 million IERET European fund
March Disposal of HBI €330 million Industrial Portfolio in Germany
November New Hotel & Leisure Division