Principal Global Investors (PGI), the asset management division of Principal Financial Group, has agreed to snap up Internos Global Investors, a London-based real estate fund and asset-management platform.

Internos has a workforce of over 100 scattered across its offices in Frankfurt, Amsterdam, Paris, Lisbon, Luxembourg, Madrid and Milan, in addition to its London base. As at 30 September 2017, the firm oversaw $3.25bn in assets.

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The deal, whose financial terms were not disclosed, is pending regulatory nod.

Internos will retain its investment and management independence following the acquisition, and its investment teams. It will be rebranded as Principal Real Estate Investors Europe after the receipt of regulatory approval.

PGI COO Pat Halter said: “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.”