Principal launches real estate debt fund for foreign investors

Principal Real Estate Investors has launched its first real estate debt fund available as a UCITS-compliant vehicle.

Principal’s Real Estate Debt Fund will invest in a diversified portfolio of U.S. commercial mortgage–backed securities. While the fund primarily will invest in CMBS, it also may invest in unsecured bonds issued by companies primarily engaged in a real estate or real estate–related business.

The fund is registered for sale in the United Kingdom, Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, the Netherlands, Spain, Sweden, and Switzerland. It also will be registered in Singapore in the next few months.

The fund is co-managed by Marc Peterson, Jason Haigh and Scott Carson.