Principal Global Investors (PGI), the asset management arm of Iowa-based Principal, has acquired pan-European real estate fund and asset-management platform Internos Global Investors for an undisclosed sum.
Internos will retain its investment and management independence, its investment teams 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 known as Principal Real Estate Investors Europe.
Berkshire Capital were financial advisors on the transaction to Principal.
Principal Real Estate Investors has $74.9 billion (€63 billion) in assets under management (AuM) while Internos has $3.25 billion in AuM.
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