Principal to expand real estate investment capabilities

Principal Financial Group and INTERNOS Global Investors announced that Principal Global Investors (PGI), the asset management arm of Principal, will assume ownership of the European real estate investment firm, subject to regulatory approval.

As part of 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.

“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, COO of PGI. “In 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.”

The investment teams of INTERNOS will remain unchanged, and the senior management team will continue to guide the direction of the firm. Once the deal has received regulatory approval, INTERNOS will become Principal Real Estate Investors Europe.