Principal Real Estate
Praça Marques de Pombal, 14, 3º piso porta 3 1250-162 Lisboa
Perfil da empresa:
Principal Real Estate Europe was formed through the acquisition of INTERNOS Global Investors by the Principal Financial Group in 2018.
After September 2008, virtually no new real estate funds were launched in Europe or North America and the team concentrated on manager replacement opportunities.
Most significantly, INTERNOS joined the bidding in late 2009 to acquire (at a nominal fee) the Australian GPT group’s European fund business as it made a strategic decision to exit Europe.
Competing with up to 40 of its peers and having to convince both GPT and the larger fund investors of its credentials, INTERNOS was successful and took over GPT Halverton in December 2009. This gave a vital platform of approximately €1.5 billion assets under management and a team with on the ground expertise in Germany and the Netherlands as well as a highly reputed fund management and structuring team in London and Luxembourg. Since 2009 INTERNOS has grown through fund closings, winning new separate account mandates, and succeeding in manager replacement bids.
On 16 April 2018, Principal Financial Group and INTERNOS Global Investors announced that Principal had successfully concluded its acquisition of INTERNOS. INTERNOS became Principal Real Estate Europe, retaining its investment and management independence as part of Principal’s multi-boutique operating model, while gaining access to the resources and scale of a major financial institution.
Jos Short, together with Andrew Thornton, founded INTERNOS Global Investors (now Principal Real Estate Europe) in 2008. In 2009, they jointly led the acquisition from GPT, and subsequent integration into INTERNOS, of the Halverton real estate investment management business. In 2013, they jointly led the acquisition and subsequent integration of Commerz Real Specialfonds from Commerzbank. Today, Principal Real Estate Europe is growing and actively looking for interesting investment opportunities.
From 2000 to 2007, Jos was CEO of Pramerica’s real estate private equity business, where he founded four funds, the last of which raised $700 million of equity. These funds were involved in many noteworthy real estate transactions across Europe and included important pioneering and performing investments in counter-cyclical assets such as self storage and senior housing.
From 1998 to 2000 Jos was with Lazard Bros initially as head of the 18 person property division running three funds. Disposing of this business for Lazards, he went on to run their M&A unit in European real estate. From 1991 to 1998 with Barings, he became head of the team responsible for securitisations, banking and corporate finance for European real estate clients.
From 1986 to 1991 with SG Warburg, he was first responsible for capital markets, bond issues, commercial paper and MTN programs for Japanese subsidiaries in Europe and in his last three years, in the real estate team, for devising structured banking and bond issues for the UK property sector. He joined Warburg’s from American National Bank and Trust Co of Chicago.
Jos has a degree in Banking and Finance from Loughborough University of Technology and is a member of The Chartered Institute of Bankers.
Chief Executive Officer
Andrew Thornton, together with Jos Short, founded INTERNOS Global Investors in 2008 (now Principal Real Estate Europe). As CEO, Andrew is responsible for driving forward the business and delivering performance from Principal Real Estate Europe’s funds under management. Andrew has led key business initiatives including the acquisition of GPT Halverton and CommerzReal Spezialfonds, securing manager replacement mandates and structuring fund transformations.
Previously, Andrew was one of the founders and ultimately Chief Operating Officer of Invesco Real Estate in Europe, a business formed in 1997 as Parkes and Company. From 1993 to 1996, with developer Lend Lease, he was involved in the viability study, site acquisition and eventual development of Bluewater, one of Europe’s leading shopping centres. He joined Lend Lease from Weatheralls where he valued, leased and transacted properties across England and Central London.
Andrew has a degree in Economics and Land Economy from Cambridge University and holds an MBA. He is a Fellow of The Royal Institution of Chartered Surveyors, a Chartered Fellow of the Securities and Investment Institute and a Fellow of the Chartered Institute of Marketing.
Jay B. Davis
Senior Managing Director, Head of Private Equity Portfolio Management
Jay is a senior managing director at Principal Real Estate Investors and oversees the firm’s private equity portfolio management group. Since 1982, Jay has been involved in real estate investment management on behalf of institutional investors, both non-U.S. and domestic. Jay joined the firm in early 2000 and has been active in portfolio management and new business development. Previously, he was vice president and co-head of asset management with J.P. Morgan Investment Management in New York. Jay was also senior vice president and director of portfolio management with The O’Connor Group. He received a bachelor’s degree in real estate and finance from Missouri State University. Jay served on the board of directors of the Association of Foreign Investors in Real Estate (AFIRE), and is a member of the Pension Real Estate Association (PREA) and the International Council of Shopping Centers (ICSC). He also serves on Principal Real Estate Investors’ Investment Committee.
Chief Executive Officer of Hotel & Leisure Division
Jochen joined INTERNOS (now Principal Real Estate Europe) in 2011 to create and lead our Hotel & Leisure Division (“HLD”) which has grown to a team of 7 hotel real estate experts responsible for hotel transactions, financings, asset management and portfolio management. Today the HLD manages two dedicated hotel real estate funds and a separate mandate with hotel properties worth ca. US$ 750 million and with over US$ 300 million of new capital available to invest in hotel real estate according to different investment strategies, coming to a total of over US$ 1 billion of capital under management for hotel real estate.
Prior to 2011 Jochen held a similar position at Invesco Real Estate where he created and led the hotel real estate fund management team and was also a member of Invesco Real Estate’s Global Executive Committee and Investment Committee. While at Invesco he designed, raised capital for and managed Invesco’s first hotel real estate fund for institutional investors including Generali and Allianz. Accordingly he was responsible for the acquisition, financing and asset management of this hotel fund with a diversified pan European hotel portfolio worth US$ 900 million. From 2006 to 2010 this fund realised excellent results achieving target dividends every year and stable NAV. While at Invesco, Jochen also managed separate sales, financing or investment management mandates including one of €300 million for Generali dedicated to hotel real estate investments.
Chief Financial Officer
Roger Lees is the Chief Financial Officer for Principal Real Estate Europe, with overall responsibility for financial management, fund and client accounting, risk management and compliance.
Roger has more than 25 years’ experience in the real estate industry. He joined Principal Real Estate Europe in June 2015 from Aviva Investors, where he was Finance Director, and then Chief Operations Officer, for Aviva’s global real estate investment management business, with responsibility for financial, operational and risk management. Prior to that, he spent 12 years at Schroder Property Investment Management, initially as Chief Financial Officer and subsequently as Chief Operating Officer. Previous appointments have included various roles at Lend Lease, Broadgate Properties and PWC.
He has a law degree and is a member of the Institute of Chartered Accountants.
Head of Fund Management
As Head of Fund Management, Giles Smith is responsible for asset and fund management services provided by Principal Real Estate Europe . A Chartered Surveyor with 14 years’ experience in fund management and corporate real estate, Giles began his career with ATIS Real Weatheralls, providing corporate real estate and consulting services for major listed companies such as London Electricity and Barclays. Giles moved on to become Real Estate Corporate Finance Manager at Deloitte & Touche, working on real estate transactions including the sale and leaseback of 41 hotels for the WA Shearings Group (£110 million) and the sale of 24 hotel assets for Macdonald Hotels (in excess of £400 million); as well as providing structural and strategic advice on real estate investment funds. More recently, Giles became a Fund Manager with GPT Halverton in 2008, and has been a Fund Manager with Principal Real Estate Europe since 2010, responsible for a number of real estate investment funds including HBI Netherlands, Dutch Active Fund, Benelux Industrial Partnership, German Office Fund and Alecta Netherlands.
Head of Transactions and Asset Management Europe
Guillaume Masset is responsible for the transaction and asset management activity of the group. He is also Regional Head for Benelux and Southern Europe with offices in Amsterdam, Luxembourg, Paris, Madrid, Lisbon and Milan.
Guillaume joined Principal Real Estate Europe in December 2011 with a team of 6 people from INVISTA REIM. He had previously launched the Paris Office of INVISTA in 2007, with €750 million of AUM in France.
Prior to joining INVISTA Guillaume was Structuring and Financing Director at STAM Europe, where he stayed for more than 6 years. He notably raised and structured several investment funds, and was responsible for underwriting and bank financing.
Guillaume started his career at Bolloré, as a Financial Controller for East Africa.
Guillaume graduated from ESC Rouen business school and Carlos III university in Madrid, and he holds a DECF and DESCF (CPA). He is FSA approved, and executive chairman “Président” of the French Regulated Entity Principal Real Estate SAS.
Head of Capital Relations & Germany
Paul Muno is employed as Head of Germany, Managing Director of Principal Real Estate Kapitalverwaltungsgesellschaft mbH and Principal Real Estate Spezialfondsgesellschaft mbH to establish and build relationships with capital investors in the German market. Paul works to drive the establishment of fund management capabilities within the German office, including the formation of appropriate vehicles and structures, as well as providing strategic advice in relation to the broader European business.
With over 15 years experience in the real estate sector, Paul joins Principal Real Estate Europe with a wealth of knowledge along with high level contacts in the market. He started his career in 1995 at Deutsche Bank AG as a graduate trainee, where he held several roles in the Real Estate Finance/Risk Management team, before being promoted to Head of Credit Risk of Eurohypo, Milan. Following this, Paul spent over five years with Oppenheim Immobilien-Kapitalanlagegesellschaft, Wiesbaden. As a Senior Fund manager he was responsible for € 1.1 billion AuM in five European Funds – including Pool- and Individual Funds.
In 2008 he joined Commerz Real Spezialfondsgesellschaft mbH, as Geschäftsführer/Managing Director, where he provided direction and leadership in order to ensure implementation of the strategic goals and objectives of the organisation. In seven funds Paul was engaged in all real estate sectors with € 2.2 billion AuM.
Paul is a fully trained bank officer, holds a degree as Dipl.-Volkswirt (economist) and as real estate portfolio manager (European Business School). He is also a Member of RICS.