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Press release from Business Wire

Principal Real Estate Investors Announces New Head of Global Research

<p class='bwalignc'> <b>Indraneel Karlekar brings extensive global research and strategy experience to the firm</b> </p>

Tuesday, September 10, 2013

Principal Real Estate Investors Announces New Head of Global Research

10:21 EDT Tuesday, September 10, 2013

DES MOINES, Iowa (Business Wire) -- Principal Real Estate Investors, one of the largest institutional real estate managers in the United States, announces Indraneel Karlekar will join the firm as head of global research. Karlekar's official start date is Sept. 16. He will be based in Chicago.

“We are pleased to welcome Indy to the Principal team,” said Randy Mundt, chief investment officer at Principal Real Estate Investors. “His extensive experience in global research and strategy will be instrumental not only in strengthening our four quadrant approach to U.S. real estate investing, but also to our long-term objective of growing our global real estate platform to better serve our clients.”

Karlekar has held senior research positions at a number of real estate investment management firms, including Cole Real Estate Investments, ING-Clarion and AIG Global Real Estate. Prior to AIG, he worked as an economic analyst at The Economist Intelligence Unit. After graduating from St. Stephens College in India, he received his Masters of Business Administration at Jawaharlal Nehru University in India, and later earned his Ph.D. at the University of Cambridge in England.

About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $47.0 billion in commercial real estate assets. 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 the Principal Financial Group®.

About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $289.1 billion in assets1 primarily for retirement plans and other institutional clients2.

1 As of June 30, 2013.
2 Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®)¹ and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Enterprise Capital, LLC; Liongate Capital Management, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Finisterre Capital, LLP; Origin Asset Management, LLP; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned affiliates of Principal International, Inc. Assets under management includes assets managed by investment professionals of Principal Global Investors under dual employee arrangements with other subsidiaries of The Principal and assets managed in accordance with investment advice provided by Principal Global Investors through the delivery of a model.

Principal Financial Group
Media Contact:
Adam Lackey, 515-362-0482
lackey.adam@principal.com

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