Advising Principal Financial Services on the proposed acquisition of INTERNOS
01 Dec 2017
Simmons & Simmons has advised Principal Global Investors, LLC (PGI), the asset management arm of Principal Financial Group, Inc, on the proposed acquisition (subject to regulatory approval) of INTERNOS, which was announced on 30 November 2017.
Principal’s real estate investment boutique is one of the top ten real estate managers globally with US $74.9bn AUM. INTERNOS is a London-based European real estate investment manager with $3.25bn assets under management and over 100 employees across eight European offices. As part of PGI’s multi-boutique operating model, INTERNOS will retain its investment and management independence, while gaining access to the resources and scale of a major financial institution.
Corporate partner, Ania Rontaler commented: “We are delighted to have advised Principal Global Investors on this transaction. This is an important transaction for Principal; INTERNOS will become part of Principal’s real estate investment division and provide a pan-European real estate platform for Principal. This matter demonstrates our ability to manage complex transactions across a number of jurisdictions and specialisms, and also demonstrates the depth of our specialist knowledge in the asset management sector across our network.”
Karen Pearston, Vice President and Assistant General Counsel of Principal Global Investors, commented: “This acquisition will allow Principal to grow its real estate investment capabilities and operations in Europe. Simmons’ strong pan European legal expertise was integral to the success of this transaction.”
The Simmons & Simmons team was led by London Corporate partner, Ania Rontaler, assisted by Lesley Olsen (London Corporate, Managing Associate) and Lucia He (London Corporate, Associate). The team also included specialists from across the London office and the Simmons & Simmons international network. and included Martin Shah (London Tax, Partner), Darren Fox (London FS Regulatory, Partner), Matt Pitman (London FS Funds, Partner), Anne Sammon (London Employment, Managing Associate), John Kelsey (London Real Estate, Partner), Harald Glander (Germany Financial Markets, Partner), Norman Mayr (Germany Financial Markets, Associate), Ian Rogers (France Financial Markets, Partner), and Cathrine Foldberg Moller (Luxembourg Financial Markets, Managing Associate).
INTERNOS was advised by Macfarlanes.