UNITED STATES - Principal Real Estate Investors has created a new joint venture with The Martin Group to invest in Californian real estate.

Rod Vogel, managing director of acquisitions and asset management at Principal, said the venture will invest in property from the North and South of the state but does not have a specific amount of capital as it will run on a deal-by-deal basis.

Principal's asset will be investing through a combination of commingled funds and separate account pension fund clients that it works with so the firm will be the majority owners of any assets in the relationship.

The first two properties for the venture have been identified as new development projects in Sunnyvale, California - one is a 200,000 sf (18.5806m2) Class A high-tech office building designed to achieve LEED certification from the U.S. Green Building Council and scheduled to complete sometime in 2010.

The JV will be invest in a variety of property types for an unspecified period, but will include office buildings, retail and mixed-use assets created either as ground up developments or existing properties with a value-added component.