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Principal® Announces Real Estate Exchange AgreementPrincipal Financial Group® today announced that Principal Real Estate Investors, the dedicated real estate group of its asset management business, has completed a Real Estate Exchange Agreement with Majestic Realty Company. Per the agreement, Principal Real Estate Investors and Majestic will each gain control of certain properties in their previously jointly-owned real estate portfolio, consisting of 16 million square feet of warehouse properties in the Greater Los Angeles area. Principal Real Estate Investors and Majestic formed their first joint venture in 1971 to develop industrial parks in Southern California. Since then, the companies have developed and jointly operated more than 100 warehouses as well as office and retail space with consistent revenue and high occupancy rates. "This exchange agreement improves the liquidity of our real estate portfolio," said Todd Everett, senior managing director at Principal Real Estate Investors. "We'd like to thank Majestic for our 46-year partnership and their portfolio value creation efforts over the years." This long partnership with Majestic has enhanced Princpal Real Estate Investors commercial real estate investment capabilities and helped it build a platform that now manages or sub-advises $75.0 billion in commercial real estate assets1, including direct investments in more than 45 U.S. metropolitan areas. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of Principal Financial Group. Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals - offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com. 1 Assets under management as of June 30, 2017. 2 Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group. View source version on businesswire.com: http://www.businesswire.com/news/home/20170920006226/en/ |
