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Real estate

Real estate in modern portfolios: A wealth advisor’s guide

2 minute primer

Matt Ciambriello, Director on our Global Wealth Alternatives team, discusses the real estate asset class and how private wealth clients may potentially benefit by including it in their portfolios.

Highlights

Like institutional investors, private wealth clients can use the full spectrum of real estate investment alternatives to meet portfolio goals.
The real estate investment market can be divided into four quadrants: private equity, private debt, public equity, and public debt.
Each quadrant offers accessible investments with a wide range of risk/return profiles.
Diversification, capital appreciation, and income generation are important potential benefits of including real estate in your portfolio.

While many high-net-worth investors have experience with residential property ownership and may own commercial real estate properties directly, the investment landscape offers a more diverse opportunity set of investment vehicles - private real estate funds that offer different return profiles across the risk spectrum (core, core-plus, value-add and opportunistic), publicly traded real estate investment trusts (known as REITs) and real estate debt including loans as well as public Commercial Mortgage-Backed Securities (CMBS). Additionally, there are specialized and alternative property types like data centers, cell towers, senior housing and single-family rentals that may be more difficult for many investors to access directly.

Commercial real estate (CRE) is already a core holding in the institutional space with many institutional investors allocating an average of approximately 10% of the portfolio to the asset class. They recognize its potential to deliver multiple portfolio benefits, including steady income generation, potential capital appreciation, inflation hedging characteristics, and portfolio diversification through its typically low correlation with traditional assets like stocks and bonds. We believe that wealth managers can take inspiration from institutional approaches to help individual clients consider real estate as part of their own portfolio strategy.

The best starting point for clients interested in exploring the asset class is to understand the four quadrants of the real estate sector.

What are the four quadrants of real estate investing?

There are four main areas that make up the the real estate market – private equity, private debt, public equity, and public debt. This breakdown is useful because each of these quadrants has unique characteristics that investment managers must account for when selecting options for clients.

Private equity

Investing in private equity real estate involves the acquisition and ownership of property or properties either directly or via an investment fund.

Private debt

Private debt real estate investments allow non-bank lenders, like funds, to provide capital to real estate developers or owners, usually in the form of loans secured by the property.

Public equity

Includes publicly traded companies, such as real estate investment trusts (REITs), that own and operate income-producing real estate, allowing investors to gain exposure to real estate without directly owning physical properties.

Public debt

The public debt market trades debt instruments, such as commercial mortgage-backed securities (CMBS), that are issued to finance real estate projects or infrastructure.

Overview of real estate equity vehicle types

Each of the quadrants has unique characteristics, but within real estate equity there are four common segments. Ranging from lower to higher risk, there are core, core-plus, value-added, and opportunistic strategies. These segments are defined by risk and return profile, as well as the strategy to drive results. Investors can select investment products that focus on specific strategies to tailor their return objectives.

Key questions	Core	Core-plus	Value-add	Opportunistic
What is the strategy to drive results?	Buy and maintain an already performing asset	Enhance the asset through light renovation and lease-up	Rehabilitate or redevelop the asset and lease-up	Develop the asset from the ground up, redeveloping existing properties into a different use, or purchasing distressed properties in need of significant rehabilitation
What is the expected return profile?	7-10% primarily driven by income returns	9-13% driven by a combination of real income and capital appreciation	13-15% Real income and greater capital appreciation	15-20% primarily driven by capital appreciation
What is the risk of capital loss?	Lower	Low	Medium	Higher

Source: Principal Real Estate, June 2025. Any forecasted returns, yields or other forward-looking performance shown in this material are not meant to predict the returns of any portfolio or strategy and do not guarantee future results. The forecasted returns are shown for Illustrative, informational purposes only and subject to change without notice. These forecasted returns do not reflect any deductions for investment management fees or expenses that would reduce the actual returns realized by investors and there is no guarantee that the forecasted returns will be realized or achieved or that any investment strategy will be successful. The information concerning the real estate market outlook is based on current market conditions and general assumptions which will fluctuate and may be superseded by subsequent market events or for other reasons.

Listed REITs can serve as a complement to private equity CRE portfolios for a variety of reasons. First, they are more liquid since they are traded on national stock exchanges allowing investors the opportunity to buy and sell the stocks every minute of every trading day. Second, while listed REIT returns are more volatile than private CRE equity over the near term, they are also leading indicators for the private CRE equity. As a result, adding an allocation of public real estate to a private portfolio can smooth returns at certain allocations. Third, they offer investors access to alternative CRE property types as nearly 70% of market capitalization is in sectors that we consider to be next generation like data centers. The property types owned by real estate are typically core in nature, but listed REITs may also offer value-add opportunities through acquisitions and redevelopment.

CRE debt is often overlooked, but it’s an important part of the CRE capital structure and offers compelling risk-adjusted returns in the current market. Like equity, debt may be structured as public or private.

Within private debt, there are various risk return profiles: (1) Senior debt that offers the lowest risk and lowest return, (2) Mezzanine debt that is subordinate to senior debt, but above the equity, and (3) Preferred equity that technically is equity but structured with fixed returns and senior to common equity. Longer term fixed rate loans can typically be encumbered by stabilized properties while bridge loans are usually floating rate and can be collateralized by a range of assets in different phases of the investment life cycle, including light transitional, transitional (more in depth business plans), or even stabilized assets where the seller is bridging to sell. Finally, construction loans fund ground-up development or major redevelopment.

Public debt most often comes in the form of Commercial Mortgage-Backed Securities (CMBS) - a type of bond backed by a single CRE loan or a pool of loans. The loans are then bundled together in a securitization and bonds (tranches) are issued with different levels of risk and return. The most senior tranche is typically rated AAA; it’s paid first and therefore has the lowest risk, but also the lowest yield. There are also mezzanine tranches (typically rated AA to BBB) with moderate risk and return while subordinate / junior tranches (typically rated BB, B, and unrated) that absorb losses first if loans default and therefore have higher risk, but higher yields. CMBS is more liquid than private CRE debt, but not as liquid as publicly listed REITs.

Real estate investment strategy risk and return profiles

Core: Low-risk, income-focused, stable assets; buying and maintaining an already performing asset.
Core-plus: Slightly riskier, with some potential for value appreciation; enhancing the asset through light renovation and lease-up.
Value-add: Moderate risk, often involving renovations or operational improvements; rehabilitate or redevelop the asset and lease-up.
Opportunistic: High-risk, high-return projects, or developing assets from the ground up; redeveloping existing properties into a different use, or purchasing distressed properties in need of significant rehabilitation.

Investors can tailor their portfolios across the four quadrants based on their risk tolerance, yield requirements and liquidity preferences. Within the public quadrants, REITs and CMBS are often used and well understood in traditional portfolios, but private equity and private debt should not be overlooked. They offer similar long-term fundamentals as their public counterparts but are often less volatile albeit more illiquid. We think there is a home in portfolios for all four quadrants—it’s not an either-or proposition.

How do real estate investments impact portfolio construction?

Real estate investments have some key features that may enhance your clients’ portfolios. Chief among these is diversification. There are relatively low correlations between stocks and bonds and real estate, particularly for private real estate, as shown in the correlation data compiled by Principal Asset Management below comparing real estate indices with global stock and bonds over the past 10 years. This correlation profile suggests that including both public and private real estate in a portfolio may provide compelling diversification benefits when combined with traditional assets like stocks and bonds.

Correlation levels over the past 10-year period

	Global stock¹	Global investment grade²	Global REITs³	Investment grade CMBS⁴	Private equity real estate⁵	Private debt real estate⁶
Global stock	1.00	0.47	0.82	0.43	-0.34	-0.03
Global investment grade	0.47	1.00	0.61	0.86	-0.38	0.24
Global REITs	0.82	0.61	1.00	0.58	-0.13	0.33
Investment grade CMBS	0.43	0.86	0.58	1.00	-0.40	0.27
Private equity real estate	-0.34	-0.38	-0.13	-0.40	1.00	0.52
Private debt real estate	-0.03	0.24	0.33	0.27	0.52	1.00

Source: Bloomberg, Preqin, NAREIT, NCREIF, Principal Asset Management. Quarterly returns 1Q 2014 to 4Q 2024. No investment strategy, such as asset allocation or diversification, can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future index returns. It is not possible to invest directly in an index.

¹ MSCI World Total Return; ² Bloomberg Global-Aggregate Total Return Index Value Unhedged USD; ³ FTSE EPRA NAREIT DEVELOPED Total Return Index USD; ⁴ BB/BC Inv Grade CMBS Index (Total Return Unhedged; ⁵ NFI ODCE Total Return Index, Gross USD; ⁶ NCREIF/CREFC Debt Agg Total Return Index. See index descriptions in the Disclosures below.

Other advantages include:

Income generation. The real estate quadrants have the potential to add income from numerous sources to client portfolios, which may help to ensure that client liabilities can be met.
Inflation hedging. Real estate values and rental income typically rise with inflation, making it a natural hedge. Investment in properties with long-term leases and built-in rent escalations can also create certainty and protect purchasing power.
Tax efficiency. Depreciation deductions on real estate holdings reduce taxable income. In addition, some structures (such as REITs or investments in qualified opportunity zones) receive preferential tax treatment.
Estate planning benefits. Real estate assets can be used to transfer wealth efficiently through a variety of estate planning strategies. In some cases, such as with grantor retained annuity trusts (GRATs), clients can reduce the taxable value of their estate while retaining the income from the asset.

Historical performance during inflationary periods

Asset class	Typical behavior during high inflation periods	Reason
Private real estate/REITs	Generally, will rise	Rental income and property values will generally increase with inflation
Equities	Varies	Earnings may grow but higher interest rates can compress valuations
Fixed income	Declines	Inflation erodes purchasing power of fixed payments
Cash	Declines	Value erodes quickly in real terms

Source: Principal Asset Management, June 2025.

From a portfolio construction perspective, the four quadrants tend to react differently to prevailing market or economic trends. One example is their reaction to interest rates. Private market investments are generally less immediately affected by interest rate changes due to their long-term, illiquid nature and less frequent valuation adjustments given their long-term investment time horizons. Meanwhile public market investments react more quickly as interest rates influence market sentiment, valuations, and liquidity. In other words, public markets tend to be leading indicators in both downturns and recoveries.

A review of the annual results for the four quadrants from 2007 to 2024 shows just how dispersed results can be. For this reason, the quadrants often function best when used together. A dynamic allocation approach may provide investors with the best possible outcomes by maximizing the opportunity set in any given market environment and through considering the asset allocation mix that is most suited to their objectives.

Average performance spread across quadrants since 2007: 21.03%

Performance gross total return

Percentages in last row show the difference between the highest performing sub-asset class and the lowest for the relvant year.

Performance across the four quadrants of real estate between 2007-2024.

Source: Principal Asset Management, as of 31 December 2024. Indices: US REITs: U.S. REIT Linked Index; IG CMBS: Bloomberg US CMBS Investment Grade Index; Private RE Debt: Giliberto- Levy Index; Private RE Equity: ODCE value weighted index. Past performance is not indicative of future performance. Indices are unmanaged and do not take into account fees, expenses, and transaction costs and it is not possible to invest in an index.

Average annual income returns: Q4 2004 through Q4 2024

Asset class	Average income return
U.S. private debt real estate⁷	7.51%
U.S. private equity real estate	5.25%
U.S. public equity real estate (REITs)	4.60%
U.S. public debt real estate (CMBS)	4.46%
U.S. fixed income	3.69%
Global equities	3.11%
U.S. equities	1.94%

Source: Principal Asset Management as of 31 December 2024. Indices: Private debt real estate - NCREIF/CREFC Debt Agg Income; Private equity real estate - NPI Income return; U.S. public equity real estate - NAREIT (All REITS, Income return); U.S. public debt real estate - Bloomberg Investment Grade CMBS; U.S. fixed income - Bloomberg Barclays US Aggregate (Income); Global equities - MSCI ACWI Ex US Income Return; U.S. equities - S&P Inc Return Index. Past performance is not indicative of future performance. Indices are unmanaged and do not take into account fees, expenses, and transaction costs and it is not possible to invest in an index.

⁷ U.S. private debt real estate is from Q4 2013 through Q4 2024.

Three questions to ask your clients about investing in real estate:

What role do you think real estate could play in your asset allocation strategy?
Are you familiar with how real estate investments can provide income that may be protected from inflation?
What questions do you have about the risks of investing in real estate?

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If you have questions on how leveraging the four quadrants framework will influence your clients’ investment approach, ask an expert on our team.

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Discussing real estate with clients

Real estate investments often create tangible, meaningful impact that resonates with investors beyond pure financial returns. These investments can drive significant societal transformations – for example, developing affordable housing, building senior living facilities, or funding sustainable building improvements. This combination of social purpose and environmental stewardship, alongside potential financial returns, makes real estate particularly appealing to investors seeking to align their portfolios with their values.

As part of your discussions with clients, it can be beneficial to ask your investment provider to offer photos of funded projects, or case studies of projects that were financed by specific real estate investments. Sharing these resources with your clients can help them get a better picture the tangible advantages of real estate developments in society as well as in their portfolios.

Ultimately, you can leverage real estate investments in various ways to seek to benefit any client who wants to enhance income, diversification, and capital appreciation. Using the four quadrants framework can help you expose clients to the breadth of real estate opportunities and more efficiently identify options that suit their needs.

Disclosure

For Public Distribution in the United States. For Institutional, Professional, Qualified, and/or Wholesale Investor Use Only in other Permitted Jurisdictions as defined by local laws and regulations.

Risk considerations

Investing involves risk, including possible loss of principal. Past Performance does not guarantee future return. Real estate investment options, such as real estate investment trusts (REITs) and commercial mortgage backed securities (CMBS), are subject to risks associated with credit, liquidity, interest rate fluctuation, adverse general and local economic conditions, and decreases in real estate values and occupancy rates. Direct investments in real estate are highly illiquid and subject to industry or economic cycles resulting in downturns in demand. Accordingly, there can be no assurance that investments in real estate will be able to be sold in a timely manner and/or on favorable terms. Private market investments, unlike publicly traded stocks, involve various risks due to illiquidity, lack of transparency, and higher minimum investment requirements. These risks include liquidity risk, market risk, capital risk, and regulatory risk. Additionally, private market investments often involve higher fees and expenses and may have longer investment horizons. Investment risk may be magnified with alternative investment strategies due to their use of arbitrage, leverage, and derivatives. Asset allocation and diversification do not ensure a profit or protect against a loss.

Important information

This material covers general information only and does not take account of any investor’s investment objectives or financial situation and should not be construed as specific investment advice, a recommendation, or be relied on in any way as a guarantee, promise, forecast or prediction of future events regarding an investment or the markets in general. The opinions and predictions expressed are subject to change without prior notice. The information presented has been derived from sources believed to be accurate; however, we do not independently verify or guarantee its accuracy or validity. Any reference to a specific investment or security does not constitute a recommendation to buy, sell, or hold such investment or security, nor an indication that the investment manager or its affiliates has recommended a specific security for any client account.

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This material may contain ‘forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

Indices used: MSCI World - a global equity index that represents the performance of large and mid-cap stocks across developed market countries; Bloomberg Global-Aggregate Total Return Index Value Unhedged USD - a broad, multi-currency benchmark that tracks the performance of investment-grade, fixed-rate bonds across both developed and emerging markets, without currency hedging; FTSE EPRA NAREIT Developed Total Return Index USD - a globally recognized benchmark that tracks the performance of publicly traded real estate companies and REITs in developed markets; BB/BC Inv Grade CMBS Index (TR Unhedged) - tracks the performance of investment-grade Commercial Mortgage-Backed Securities (CMBS) within a specific rating range, typically those rated between BBB- and BBB+, and provides a total return (TR) calculation without any currency hedging (Unhedged); NFI ODCE Index - performance of open-end private real estate funds that invest in core properties; NCREIF/CREFC Debt Agg total return - a fund-level aggregate that tracks the performance of open-end funds providing credit and financing for commercial real estate. Giliberto Levy Index - tracks investment results produced by private-market debt investments in commercial real estate within the United States; The MSCI ACWI Ex US Income Return Index - tracks the performance of large and mid-cap stocks in developed and emerging markets outside the United States, with a focus on companies exhibiting higher dividend yields and quality characteristics; S&P 500 Index - tracks the performance of 500 of the largest publicly traded companies in the United States; Bloomberg Barclays U.S. Aggregate Bond Index - tracks the performance of a wide range of publicly offered, fixed-rate, taxable, dollar-denominated bonds, including U.S. Treasuries, government-related securities, corporate bonds, and mortgage-backed securities.

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By selecting the “Accept” button below, and entering this website, you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the website and that you have agreed to these terms and confirm and represent that you are an “institutional investor” in Singapore or a “Professional Investor” in Hong Kong."

Principal Global Investors (Australia) Ltd. (ABN 45 102 488 068, AFS Licence No. 225385) ("we", "us", "our") is regulated by the Australian Securities and Investments Commission.

The information in this website, and on pages linked by this website, is general information only and is not intended to constitute financial product advice or a recommendation to buy, sell or hold any particular security or investment. It does not take into account any investor's investment objectives, particular needs or financial situation. Any investor should consider whether an investment fits their investment objectives, particular needs and financial situation before making any investment decision.

While the information on this website is updated from time to time, it is subject to change in the intervening period. None of Principal Global Investors (Australia) Limited or its related entities (together "Principal") guarantee the accuracy, completeness or timeliness of the information on this website. Information may become outdated and opinions may change, including as a result of new information becoming available or changes in the markets. To the extent permitted by law, Principal does not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, this information.

We offer financial products only to wholesale investors (as defined in sections 761G and 761GA of the Corporations Act) and to persons investing through an investor directed portfolio service under the product disclosure statements that can be accessed from this website.

The information contained in this website is intended only for Australian residents and investors and is not intended for use in any country or jurisdiction where such use would constitute a violation of law. There is no intention to offer or sell products in countries or jurisdictions where such offer or sale would be unlawful under the relevant domestic law.

Protecting Your Privacy

At Principal Global Investors (Australia) Ltd, we give priority to protecting the privacy of your personal information. We do this by handling personal information in a responsible manner and in accordance with the Privacy Act 1988 (Cth).

If it is reasonable and practicable to do so, we collect personal information directly from you. How we collect your information will depend upon how you interact with us. We may collect it through application forms, telephone, email and internet contact, from correspondence with you or your consultant and in person.

The information collected may include what time you visited our website, how long you were on our site, if you've been to the site before, what web pages you visited, and what type of browser you used to access our website. This information is collected through the use of cookies.

Use of cookies on this site is outlined in the Principal Online Privacy Policies, Information Collected by Use of Cookies and Spotlight Tags. In accepting these terms and conditions, you accept the terms of the use of cookies from this site. You can configure your browser to accept all cookies, reject all cookies, or notify you when a cookie is sent. Refer to your browser instructions or help screens to learn about these functions. If you reject all cookies, you may not be able to use our web sites.

We may collect, hold and use personal information in order to process applications, administer the investments and provide related services. If you do not provide your personal information to us, we may not be able to process and administer your investment. We may also use your personal information to tell you about other products and services offered by us or other members of the Principal Financial Group. Please contact us if you do not wish to receive this ongoing information.

We may disclose your personal information to other related companies within the Principal Financial Group®, agents and other external service providers (who supply administrative, financial or other services), some of which are located overseas. Where this occurs, we take steps to protect personal information against misuse or loss however you should be aware that in the event the overseas recipient fails to handle the personal information consistently with the Australian Privacy Principles, we will not be accountable under the Privacy Act and you will not be able to seek redress under the Act. The countries this information may be disclosed to will vary from time to time, but may include Brazil, Chile, China, Hong Kong, India, Japan, Malaysia, Singapore, the United Kingdom and the United States and other countries where the Principal Financial Group® has a presence. A list of locations in which the Principal Financial Group® operates can be found at https://www.principal.com/about-us/our-company/company-overview/worldwide-locations. Our Privacy Policy contains information about how you can gain access to the personal information that we hold about you and seek correction of that information, subject to certain exemptions under law. Our Privacy Policy also contains information about how you may raise concerns regarding privacy with us and how we will deal with your concerns.

You can obtain a copy of our Privacy Policy by clicking on the link below:

Privacy at Principal Global Investors (Australia) Limited

By clicking "Accept", you consent to us dealing with your personal information in the manner set out in our Privacy Policy. You also acknowledge and understand that by providing such consent that we will not be required to take such steps as are reasonable in the circumstances to ensure overseas recipients of your personal information comply with the Australian Privacy Principles.

"Principal Financial Group is a global organization that operates in many different jurisdictions worldwide. Principal Financial Group’s diversified group of companies and affiliates provide comprehensive asset management solutions for institutional investors, investment funds and individuals in key markets around the world. Principal Financial Group has investment offices in the United States, [Mexico, South America, Europe, the Middle East, and throughout Asia]. Where appropriate, Principal Financial Group entities are registered with appropriate regulatory authorities in the jurisdictions in which they are required to be registered to carry on their respective business activities.

All products or services provided to you by any Principal Financial Group company shall only be available in the jurisdiction(s) within which the company providing the product or service is authorized to operate. The relevant Principal Financial Group company reserves the right to make the final determination on whether or not you are eligible for any particular product or service. If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that Site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction.

Principal Financial Group makes no representation that the content of the site is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all persons and entities. Nothing on this website shall be considered a solicitation for the offering of any investment product or service to any person in any jurisdiction where such solicitation or offering may not lawfully be made.

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

"These Terms & Conditions explain certain legal and regulatory conditions and restrictions in relation to the Principal Global Investors (Europe) Limited website, and in relation to the Principal Global Investors Funds (‘the Funds’). This information may be changed by Principal Global Investors at any time without notice.

In these terms and conditions, references to 'Principal Global Investors' means Principal Global Investors (Europe) Limited or any affiliate of the Principal Financial Group, Inc. or Principal Global Investors, LLC.

Before you proceed, you must acknowledge that you have read, and agree to, our terms and conditions.

Information in relation to the Principal Global Investors Funds is available through this web site to institutional investors resident in the following countries of: Belgium, France, Finland, Germany, Guernsey, Ireland, Italy, Jersey, Netherlands, Spain, Sweden, Switzerland and the United Kingdom. By proceeding this far you are representing and warranting that you are an institutional investor resident in one of these countries. Not all of the Funds are available in all these jurisdictions, and investors are directed to the Country Registration document for detailed information. What follows is not an offer or invitation to acquire an investment to, and should therefore not be relied upon by, any person anywhere other than the countries noted. Persons in respect of whom such prohibitions apply must not access this web site. This web site is reserved exclusively for non-U.S. persons and should not be accessed by any person in the United States.

Yes, I certify to be an institutional investor and resident of a country listed above.

Cookies
Use of cookies on this site is outlined in the Privacy and Security Policy. In accepting these terms and conditions, you accept the terms of the Cookie Policy and the use of cookies from this site.

Legal Entity Disclosure and Regulation
In Europe by Principal Global Investors (Ireland) Limited, 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland. Principal Global Investors (Ireland) Limited is regulated by the Central Bank of Ireland.

In the United Kingdom by Principal Global Investors (Europe) Limited, Level 1, 1 Wood Street, London, EC2V 7 JB, registered in England, No. 03819986, which is authorised and regulated by the Financial Conduct Authority (“FCA”).

In Switzerland by Principal Global Investors (Switzerland) GmbH. This website is considered as advertising and information contained herewith be treated as such. Investors can obtain free of charge the prospectus, trust deed, the prospectus, the key investor information document (KIID), and the annual and semi-annual reports from the representative in Switzerland.

In Europe and United Kingdom, this website is directed exclusively at Professional Clients and Eligible Counterparties and should not be relied upon by Retail Clients (all as defined by the MiFID and FCA respectively). If you are viewing the material as a retail investor, you should seek independent investment advice before deciding whether the products and services in question are suitable to meet your investment needs and objectives, as the language has not been complied to a retail client standard.

Principal Global Investors Funds
Principal Global Investors (Ireland) Limited is the issuer of the Funds. Investments may only be made on an application form attached to a current prospectus and following receipt by the investor of the KIID in respect of the Fund in which they intend to invest. The latest version of the prospectus of the Funds is dated 14 December 2012.

For Real estate investors in the European Economic Area (“EEA”), this website and the information on it is only directed at persons who are professional investors for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”), professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU) (“MiFID II”) or as otherwise defined under applicable local law and regulation and at whom this website and the information on it may lawfully be directed in any relevant jurisdiction (“Eligible Persons”). In relation to each member state of the EEA (“Member State”) which has implemented AIFMD (and for which transitional arrangements are not/ no longer available), this website may only be accessed and interests in Funds may only be offered or placed in a Member State to the extent that: (i) the relevant Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with AIFMD (as implemented into the local law/regulation of the relevant Member State); or (ii) this website and its information may otherwise be lawfully distributed and the interests in Funds may otherwise be lawfully offered or placed in that Member State (including at the initiative of the investor). In relation to each Member State of the EEA which, at the date of accessing this website, has not implemented AIFMD, this information may only be distributed and interests in Funds may only be offered or placed to the extent that this information may be lawfully distributed and the interests in Funds may lawfully be offered or placed in that Member State (including at the initiative of the investor).

Persons who are not Eligible Persons, including but not limited to those individuals or other persons who fall within the FCA’s definition of ‘retail clients’, should not use or rely upon this website or the information contained therein and may not engage the services of Principal Real Estate or any of its affiliates, or invest in any Fund. Potential investors are advised that all or most of the protections provided by the UK regulatory system will not apply and that the UK Financial Services Compensation Scheme may not be available in relation to an investment in a Fund or separate account.

The contents of this website have not been verified or approved by any competent regulatory or supervisory authority. No liability, whether in negligence or otherwise, arising directly or indirectly from the use of the information or any part of it on this website is accepted and no representation, warranty or undertaking, whether express or implied, is or will be made at any time by Principal Real Estate or its affiliates or any of their respective advisers, directors, officers, employees, representatives or other agents (“Principal Agents”) for any information or any of the opinions contained herein or for any errors, omissions or misstatements.

None of Principal Real Estate or its affiliates or any Principal Agents makes or has been authorised to make any representation or warranties, whether express or implied, in relation to Principal Real Estate or regarding the truth, accuracy or completeness of any of the information contained on this website at any time. No representation or warranty is given by Principal Real Estate, its affiliates or the Principal Agents as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts contained in the information on this website. Furthermore, nothing contained on this website is or should be relied on as a promise or representation as to the future. No reliance may be placed by any person for any purpose whatsoever on the information or opinions contained on this website or on its completeness, accuracy or fairness at any time.

Principal Global Investors (Europe) Limited is not authorised by the FCA to directly deal with retail investors; any distribution of the Fund to retail investors in Europe is facilitated by fund distributors with which Principal Global Investors (Europe) Limited has entered distribution arrangements, pursuant to advice provided to investors by those distributors, based on the documents Principal Global Investors (Europe) Limited provides. Retail investors should not be provided with access to this website.

The name of the Swiss representative is ACOLIN Fund Services AG, Stadelhoferstrasse 18, CH-8001 Zürich. The name of the Swiss paying agent is Banque Cantonale de Genève, 17, quai de l’Ile, 1204 Geneva. Investors can obtain the prospectus, trust deed, the simplified prospectuses and the annual and semi-annual reports free of charge from the representative in Switzerland.
The value of units and the income from them may fall as well as rise.

Investments in the Funds are neither insured nor guaranteed by the US Government or the Federal Deposit Insurance Corporation and are not deposits or obligations of, or guaranteed by, Principal Global Investors.

No Solicitation
Nothing contained in this website shall constitute an offer or solicitation, in relation to units in the Funds or generally, in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful or not authorised.

In particular, shares issued by the Company, and units in the Funds, have not been and will not be registered under the United States Securities Act of 1933 as amended or the securities laws of any state or political subdivision of the United States and may not, except in a transaction which does not violate US securities laws, be directly offered or sold in the United States or to any US Person. The Company will not be registered under the United States Investment Company Act of 1940 as amended.

This website is reserved exclusively for non-US persons and should not be accessed by any person in the United States.

No Investment Advice
The information in this website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such nor should it be construed as specific investment advice, an opinion or recommendation. The general information it contains does not take account of any investor’s investment objectives, particular needs or financial situation, nor should it be relied upon in any way as a forecast or guarantee of future events regarding a particular investment or the markets in general. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision.

You should also inform yourself as to (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which you might encounter under the laws of the countries of your citizenship, residence or domicile and which might be relevant to any investment, including the subscription, holding, transfer or disposal of units in the Funds

Delegation of Investment Management to Affiliates

Products upon which composite results contained in this material, if any, are based may not themselves be available in the United Kingdom and certain other jurisdictions; however, the underlying investment management capability can be made available to institutional investors subject to all applicable local regulations and restrictions. In connection with its management of client portfolios, PGIE may delegate management authority to affiliates that are not authorised and regulated by the Financial Conduct Authority. In any such case, the client may not benefit from all protections afforded by rules and regulations enacted under the Financial Services and Markets Act 2000.

Disclaimer
The information on this website is given by Principal Global Investors in good faith and has been derived from sources believed to be reliable and accurate as at their date. However, Principal Global Investors makes no representation or warranty of any kind for the accuracy or completeness of the information and it is under no obligation to update or correct any errors in the information after the date of publication. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

Subject to applicable law, Principal Global Investors and its affiliates and their respective directors, employees and associates do not accept any responsibility arising in any way (including by reason of negligence) for errors in, or omissions from, the information and do not accept any liability for any loss or damage, however caused, as a result of any person relying on any information on the website or being unable to access the website.

The Internet is not a totally reliable and secure medium of communication. Principal Global Investors accepts no liability for the security or confidentiality of information transmitted in this way and any such transmission of information shall be at your own risk.

The entire content of this website is subject to copyright with all rights reserved. You may not copy, reproduce, distribute or modify the content of this website without the prior written permission of Principal Global Investors.

No instructions for investment purposes will be accepted directly from this website or by e-mail.

If you accept these terms and conditions, click “Accept.”

You are about to leave PrincipalAM.com and be directed to our Japanese site, PrincipalGlobal.jp. If you wish to proceed, please click "Accept." If you would like to stay on PrincipalAM.com, please click "I do not accept."

You may view, download for caching purposes only, and print content from the website for your own personal use, subject to the restrictions set out below and elsewhere in these Terms of Use.

No Guarantee of Timeliness
This website may contain videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions. The information and materials contained on this website, and the terms, conditions, and descriptions that appear, are subject to change. All content on this website is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

No Warranties
The information on this website has been developed internally and/or obtained from sources believed to be reliable; however Principal Global Investors and its affiliates do not independently verify or guarantee its accuracy or validity. The information and services provided on this website are provided ""AS IS"" and without warranties of any kind, either expressed or implied. To the fullest extent permissible pursuant to applicable law, Principal Global Investors disclaims all warranties, including, but not limited to, any warranty of non-infringement of third-party rights and any implied warranties of merchantability and fitness for a particular purpose. Principal Global Investors does not warrant, either expressly or impliedly, the accuracy or completeness of the information, text, graphics, links or other items contained on this website and does not warrant that the functions contained in this website will be uninterrupted or error-free, that defects will be corrected, or that the website will be free of viruses or other harmful components. Principal Global Investors expressly disclaims all liability for errors and omissions in the materials on this website and for the use or interpretation by others of information contained on the website. Subject to any contrary provisions of applicable law, no company in the Principal Financial Group nor any of their employees or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way (including by reason of negligence) for errors or omissions on this website.

If you have questions, please email us.

Click ""Accept"" to indicate your acknowledgement and acceptance of Principal Global Investors Terms of Use and to continue."

This website contains general information only on investment matters and nothing in this website is intended to constitute or form part of any offer or inducement to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE (including the Dubai International Financial Centre) and accordingly should not be construed as such. Information in this website is not directed at you if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation. Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Accordingly, persons are required to inform themselves of and observe any such restrictions.

The information in this website is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE or elsewhere in the Middle East.

The information in the following website should not be construed as investment advice or a recommendation for the purchase or sale of any security. The value of investments and the income from them may fall as well as rise. Member firms of Principal (collectively, the “Firms”) do not guarantee any investment results and there can be no assurance that the strategies employed will improve investment performance, and make no guarantee that a client’s investment objectives will be achieved and no warranties or representations, expressed or implied, are made by the Firms concerning the benefits of these strategies discussed herein. The information in this website has been developed internally and/or obtained from sources that the Firms believe to be reliable; however, the Firms do not guarantee the accuracy, adequacy or completeness of such information and are not responsible for any errors or omissions. This website also contains videos where the comments were valid on the date the video was recorded. Markets move continuously and you should only rely on current information for any investment decisions.

This website contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The information it contains does not take account of any investor’s investment objectives, particular needs or financial situation. Past performance is not a reliable indicator of future performance and should not be relied upon as a significant basis for an investment decision. You should consider whether an investment fits your investment objectives, particular needs and financial situation before making any investment decision.

Nothing in this website should be construed as investment, tax, legal or other advice.

The content of this website has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.

Access to this website is only permitted for “Professional Clients” as defined in the Conduct of Business of the Dubai Financial Services Authority’s Rulebook. If you are not a “Professional Client”, you may not access this website and you should select the “Decline” link below.

By selecting the “Accept” button below, and entering this website, you agree to these terms and confirm and represent that you are a “Professional Client”.