Principal Global Investors (PGI), the asset management arm of US-based Principal Financial, has acquired Internos Global Investors as its pan-European real estate platform.
Under PGI's multi-boutique operating model, Internos will retain its investment and management independence, while gaining access to the resources and scale of a major financial institution, Principal Financial said when announcing the strategic partnership.
Internos will become Principal Real Estate Investors Europe once the deal has received regulatory approval.
Principal Global Investors describes itself as one of the top 10 real estate managers globally with $74.9 bn in (€62. 78 bn) in AUM. Internos is pan-European full service real estate investment management firm with more than 100 employees based in eight European offices and €2.75 bn in AUM at end-September 2017.
'As Principal grows its investment offerings and operations in Europe, we will continue to strategically invest in capabilities to deliver a greater range of solutions to our clients,' said Pat Halter, chief operating officer of PGI. 'n addition to gaining a pan-European real estate platform, Internos has local expertise and infrastructure in key European cities to grow our client base on the continent.'
Internos' investment teams will remain unchanged under the agreement, and the senior management team will continue to guide the direction of the firm.
'As part of Principal, we will be in an even stronger position to offer attractive opportunities to our clients and investor partners, combining the resources of a leading global investment firm with the small-business agility and deep European market knowledge of Internos,' said Internos CEO Andrew Thornton.
Berkshire Capital served as financial advisors to New York-listed Principal in the transaction.
