Principal Global Investors has completed its acquisition of Internos Global Investors.
Under its new owners the firm will be renamed Principal Real Estate Europe and will retain its investment independence and its management team, but also gain access to the resources and scale of PGI.
As at the end of December 2017 Internos had 100 employees in eight European offices and managed €2.7bn (£2.3bn) of assets. It also had regulatory approvals allowing it to offer investment solutions to its clients and investors across key European jurisdictions.
Andrew Thornton, chief executive of Principal Real Estate Europe, said: “Since reaching an acquisition agreement with Principal Global Investors in November, we have had the opportunity to work more closely with its team and explore a range of strategies to expand our investment activity across Europe.
“The combination of our European platform and expertise, together with Principal’s investment capabilities and access to global capital, is going to create exciting investment opportunities at an interesting phase of the real estate investment cycle.”
Tim Stumpff, chief executive of Principal Global Investors Europe, said: “This acquisition marks a significant step in our strategy to continue to grow PGI’s investment capabilities and operations in Europe.
“We are excited by the opportunity to expand our client base in Europe alongside offering greater access to attractive pan-European real estate investment opportunities to our existing clients globally.”
Principal Real Estate Investors manages or sub-advises $79bn (£55bn) in real estate assets globally.
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