Principal Global Investors agreed to acquire European real estate investment firm INTERNOS Global Investors for an undisclosed amount, a spokeswoman said.
INTERNOS will complement Principal's global real estate business — currently at $74.9 billion in assets under management — by an additional $3.25 billionin AUM.
INTERNOS will also be rebranded as Principal Real Estate Investors Europe once the deal clears regulatory hurdles. Investment and senior staff will be retained. The transaction is scheduled to close by mid-2018, the spokeswoman said.
"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. 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," Pat Halter, chief operating officer of PGI, said in a news release.
Berkshire Capital advised Principal on the transaction.