Principal Expands International Operating Business Capabilities with New Hire
Operating company investment specialist, John Kropke has been appointed to lead and rebuild Principal Global Investors’ US and European real estate operating capabilities as managing director.
DES MOINES, IA – Principal Real Estate Investors has hired John Kropke to lead the firm’s US and Europe real estate operating company line of business as managing director.
In response to Principal’s growing client interest in private real estate operating company platforms, the firm has appointed Kropke to rebuild and expand multi-boutique firm, Principal Global Investors’ international real estate operating capabilities within the new role; aiming to offer a broader investment solutions.
As managing director, Kropke will lead the implementation of Principal’s real estate operating company strategy, including sourcing, structuring and managing the operating company investment initiatives for start-up companies and established operating companies.
Since Principal’s acquisition of Internos in early 2018, the firm has expanded within the European real estate market. The addition real estate operating company capabilities within Europe further builds on the expansion.
“We’re excited to relaunch our REOC business as we’ve heard from global clients looking for more control of their investments, exclusive and longer-term access to transaction pipelines, and enhanced alignment of interest,” said Todd Everett, Principal Real Estate Investors CEO. “Principal has an established and successful history in US REOC strategies, making our first operating company investment in 2001. As we’ve taken our real estate capabilities global, adding REOC investment strategies in Europe is a key element of our firm’s long-term strategy and expansion in the region.”
“Principal’s vision of an international REOC investment capability has been in place for a while, but the timing of this announcement is of particular significance given current market conditions,” said Jos Short, Principal Real Estate Europe executive chairman. “We are excited about the opportunity to bring global investor capital into the European REOC market, helping deleverage balance sheets and support future growth to the mutual benefit of investors and operators.”
With more than 28 years of industry experience, Kropke most recently served the Townsend Group as a partner, and he previously served its special situations group as portfolio manager.
“John is a highly respected operating company investment specialist with extensive experience in the North American and European real estate markets,” Everett said. “I’m confident he’s the right leader to guide the next phase of our REOC business.”