Principal Real Estate Investors Announces Management Changes at Principal Commercial Acceptance
Nov. 3, 2005 (Des Moines, Iowa) — Principal Real Estate Investors, the real estate investment arm of Principal Global Investors, a member of the Principal Financial Group®, announces Chip Stephens has been promoted to president of Principal Commercial Acceptance. Stephens will be replacing current president Tom Wratten, a 35-year veteran of the commercial real estate business, who is retiring on January 31, 2006.
Stephens will be responsible for long range visionary planning, business development, financial modeling and portfolio management for Principal Commercial Acceptance. Principal Commercial Acceptance is a highly regarded funding source for quick-close first mortgage bridge loans, creatively structured mezzanine loans and preferred equity investments, and is considered one of the premiere non-recourse lenders on substantially entitled land in the United States.
"Chip is highly qualified to continue the legacy set by Tom and lead Principal Commercial Acceptance to the next level of growth and expansion," said Pat Halter, chief executive officer of Principal Real Estate Investors. "Throughout his career, Chip has been an integral player in the strategic evolution of Principal Commercial Acceptance from its original role as a buyer and seller of commercial mortgage loans in the secondary market to Principal Commercial Acceptance's current well-established niche as a boutique investment firm."
"Tom founded Principal Commercial Acceptance in September 1992 and quickly established the company as an effective and responsive investor, asset manager, and investment advisor in the commercial mortgage secondary market," continued Halter. "His emphasis on due diligence, innovative financing, market expertise, quick response, and professionalism has been instrumental in the company's growth. We will miss Tom and wish him all the best in his retirement."
Stephens joined Principal Commercial Acceptance in 1994 as an investment analyst. In 1996 Stephens was promoted to director and in 1998 he was named managing director. A Kansas native, Stephens received a bachelor's degree in Economics from the University of Kansas and a doctorate of jurisprudence from the George Washington University National Law Center in Washington, D.C.
About Principal Real Estate Investors
Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management1 and manages or subadvises $30 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.
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 $155 billion in assets primarily for retirement plans and other institutional clients2.
About The Principal Financial Group
The Principal Financial Group®
(The Principal®)3
is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $188.4 billion in assets under management4 and serves some 15.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) Pensions & Investments magazine annual survey of real estate managers, Oct. 18, 2004.
2) As of June 30, 2005. This amount includes $6.3 billion in synthetic reference portfolios associated with synthetic CDO transactions managed by Principal Global Investors. Actual funded amounts related to such synthetic CDO transactions total $227.5 million. Principal Global Investors is the asset management arm of the Principal Financial Group, and includes the global asset management operations of the following members of the Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors, Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd; Principal Global Investors (Australia) Ltd; and Principal International, Inc., its subsidiaries and affiliates.
3) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of September 30, 2005.
