PEOPLE
Jos Short – Executive Chairman

Jos Short
Executive Chairman
Jos is Executive Chairman of Principal Real Estate Europe. He founded INTERNOS Global Investors (now Principal Real Estate Europe) together with Andrew Thornton, in 2008, acquiring the Halverton real estate investment management business in 2009 and the Commerz Real Spezialfonds business in 2013.
Prior to establishing INTERNOS, Jos was CEO of Pramerica’s real estate private equity business from 2000 to 2007, where he founded four funds, the last of which raised $700 million of equity, investing in European real estate operating companies, including pioneering and high-performing investments in counter-cyclical assets such as self-storage and senior housing.
Jos also spent 3 years at Lazards from 1998, initially as head of the property division and subsequently running the European real estate M&A unit and at Barings, from 1991 to 1998, he became head of the securitisations, banking and corporate finance team for European real estate clients.
Jos has also held various roles at SG Warburg and American National Bank and Trust Co of Chicago.
He has a BSc in Banking and Finance from Loughborough University of Technology and is a member of the Chartered Institute of Bankers.
Andrew Thornton – Chief Executive Officer

Andrew Thornton
Chief Executive Officer
Andrew is the Chief Executive Officer of Principal Real Estate Europe, responsible for driving the business forward and delivering performance.
Andrew founded INTERNOS Global Investors (now Principal Real Estate Europe), together with Jos Short, in 2008, acquiring the Halverton real estate investment management business in 2009 and the Commerz Real Specialfonds business in 2013 and securing various manager replacement mandates and structuring fund transformations.
Previously, Andrew was one of the founders, and ultimately Chief Operating Officer, of Invesco Real Estate in Europe, a business formed in 1997 as Parkes and Company. From 1993 to 1996, with developer Lend Lease, he was involved in the viability study, site acquisition and eventual development of Bluewater, one of Europe’s leading shopping centres. He joined Lend Lease from Weatheralls where he valued, leased and transacted properties across England and Central London.
Andrew has a degree in Economics and Land Economy from Cambridge University and holds an MBA. He is a Fellow of The Royal Institution of Chartered Surveyors, a Chartered Fellow of the Securities and Investment Institute and a Fellow of the Chartered Institute of Marketing.
Jochen Schaefer-Suren - Chief Executive Officer of Hotel & Leisure Division

Jochen Schaefer-Suren
Chief Executive Officer of Hotel & Leisure Division
Jochen joined Principal Real Estate Europe (formerly INTERNOS Global Investors) in 2011 to create and lead the Hotel & Leisure Division, responsible for hotel transactions, financing, asset and portfolio management.
Previously Jochen held a similar position at Invesco Real Estate, where he created and led the hotel real estate fund management team and was a member of the Global Executive and Investment Committees. While at Invesco he launched and managed their first hotel real estate fund with a diversified European portfolio worth US$ 900 million. He also managed a number of hotel focused separate account mandates.
From 1995 – 2000, Jochen was led hotel and leisure M&A activity at Lazards, where he was involved in transactions totaling over £1 billion and acted as advisor to a number of large, high-profile international investors on their hotel and leisure strategies. He has also held several senior international positions with hotel groups such as Forte, Hilton and Meridien.
Jochen holds a Masters in Hotel Business Administration from Cornell University, New York and read Law at the University of Heidelberg, Germany.
Roger Lees – Chief Operating Officer

Roger Lees
Chief Operating Officer
Roger is the Chief Operating Officer for Principal Real Estate Europe, with overall responsibility for fund and business operations and governance.
Roger has more than 30 years’ experience in the real estate industry. He joined Principal Real Estate Europe (formerly INTERNOS Global Investors) as Chief Financial Officer in June 2015 from Aviva Investors, where he was Finance Director, and then Chief Operating Officer, for Aviva’s global real estate investment management business, with responsibility for financial, operational and risk management. Prior to that, he spent 12 years at Schroder Property Investment Management, initially as Chief Financial Officer and subsequently as Chief Operating Officer. Previous appointments have included various roles at Lend Lease, Broadgate Properties and PWC.
He has a law degree and is a member of the Institute of Chartered Accountants.
Giles Smith – Head of Fund Management

Giles Smith
Head of Fund Management
Giles is head of fund management for Principal Real Estate Europe and head of its London office. He is responsible for the management of discretionary and advisory capital as well as business development initiatives at corporate and product level.
A Chartered Surveyor with 19 years’ experience in fund management and corporate real estate, Giles joined Principal Real Estate Europe (formerly Internos Global Investors) in 2008 as a Fund Manager, with exposure to real estate investment, portfolio and asset management across multiple asset classes, risk profiles and jurisdictions.
Giles began his career with ATIS Real Weatheralls, providing corporate real estate and consulting services for major listed companies such as London Electricity and Barclays. Giles moved on to become Real Estate Corporate Finance Manager at Deloitte & Touche, working on real estate transactions including the sale and leasebacks as well as providing structural and strategic advice on real estate investment funds.
Guillaume Masset - Head of Transactions and Asset Management Europe

Guillaume Masset
Head of Transactions and Asset Management Europe
Guillaume is responsible for transactions and asset management for Principal Real Estate Europe and for business development. He is the Président of the Principal’s French regulated entity, Principal Real Estate SAS, Head of the Paris Office and Regional Head for Netherlands and Southern Europe, with offices in Amsterdam, Madrid, Lisbon and Milan.
Before joining Principal Real Estate Europe (formerly INTERNOS Global Investors) in December 2011, Guillaume launched the Paris Office of Invista REIM in 2007, with €750 million of assets under management. Prior to joining Invista, Guillaume was Structuring and Financing Director at STAM Europe, where he spent more than 6 years, with responsibility for underwriting and bank financing, raising and structuring several investment funds.
Guillaume graduated from ESC Rouen business school and Carlos III university in Madrid, and holds a DECF and DESCF (CPA).
Paul Muno - Head of the Frankfurt office and Managing Director of Principal's two German regulated entities

Paul Muno
Head of Frankfurt office and Managing Director of Principal’s two German regulated entities
Paul is the Head of the Frankfurt office and Managing Director of Principal’s two German regulated entities, Principal Real Estate Spezialfondsgesellschaft mbH,and Principal Real Estate Kapitalverwaltungsgesellschaft mbH. He also has responsibility for establishing and building relationships with capital investors in the German market and for overseeing the development of fund management capabilities within the Frankfurt office.
With over 25 years’ experience in the real estate sector, Paul joined Principal Real Estate (formerly INTERNOS Global Investors) in 2011 from Commerz Real Spezialfondsgesellschaft mbH, where he was a managing director. Prior to joining Commerz Real in 2009, Paul spent 6 years as a Senior Fund Manager at Oppenheim Immobilien-Kapitalanlagegesellschaft with responsibility for over a € 1 billion of assets under management in five pooled and individual European funds and had various roles at Deutsche Bank AG and Eurohypo, where he was head of Credit Risk.
Paul is a fully trained bank officer, holds a degree as Dipl.-Volkswirt (economist) and real estate portfolio manager (European Business School). He is also a Member of the RICS, BVI and ZIA.
Indraneel Karlekar, Ph.D. - Global Head of Research & Strategy

Indraneel Karlekar
Global Head of Research & Strategy
Indy is global head of research and strategy for Principal Real Estate Investors and is a member of the Principal Real Estate Europe Investment Committee. His responsibilities include helping with allocation of capital via the creation of real estate portfolio strategies across the four quadrants of commercial real estate. He also helps disseminate our economic and real estate views to external clients and is a member of Principal Global Investors Economic Committee. Indy joined the industry in 2003 and Principal Real Estate Investors in 2013. Prior to his current role he has served as an executive vice president and chief investment strategist at Cole Real Estate Investments and head of global research and strategy at ING Clarion, where he worked on creating global top-down asset allocation strategies by analyzing macroeconomic and real estate variables and was responsible for investment research, white papers, and new product development. Prior to ING, he was a member of the global research team at AIG Global Real Estate. Indy started his career as an Economic Analyst at The Economist Intelligence Unit. He received a Ph.D. in economics from University of Cambridge and is a member of PREA,NCREIF and AFIRE.