US-based Principal Global Investors (PGI), a unit of global financial investment manager Principal Financial Group, has announced the acquisition of London-headquartered real estate investment company Internos Global.
Financial details of the deal were not disclosed.
Both Principal and Internos agreed the investment teams of Internos will remain unchanged after the transaction and the senior management team will continue to guide the firm.
Once the deal has received regulatory approval, Internos will become Principal Real Estate Investors Europe.
Berkshire Capital served as financial advisor on the transaction to Principal.
Founded in May 2008 by Jos Short and Andrew Thornton, Internos is a pan-European full-service real estate investment management firm with more than 100 employees based in eight European offices and $3.25 billion in assets under management (AUM).
Principal Real Estate Investors has been investing in the sector for over six decades and is reportedly one of the top 10 real estate managers globally with $74.9 billion in AUM.
Celestine Khoo, managing director, head of Asia ex Japan of PGI, said the strategic partnership will allow them to expand their geographical offer to pan-European markets.
“As Principal grows its investment offerings and operations in Asia, we will continue to strategically invest in capabilities to deliver a greater range solutions to our clients. Real estate investment has received strong traction from investors in Asia,” Khoo said.