Principal Asset Management’s French real estate investment vehicle, which provides retail investors with exposure to international markets across Europe and the US, has completed its third US acquisition.
The firm said its Principal Inside fund has acquired a healthcare asset in Plano, Texas, for $15.6m (€13.3m), representing an initial gross yield of 7.9%.
The fully-leased, 3,605sqm property, originally constructed in 1996 as a senior-living residence, is currently undergoing a renovation to support its use as a specialised addiction treatment centre.
The latest acquisitions add to the vehicle’s earlier investments in Florida and Texas completed at the end of last year.
Guillaume Masset, president of Principal Asset Management France, said: “This third acquisition underscores Principal Inside’s focus on resilient, essential real estate sectors supported by strong demographic fundamentals and long-term leases.
“Our strategy is driven by locally based teams, whose close market proximity plays a critical role in sourcing, structuring, and asset selection.”
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