Principal Financial Group Acquires AFP Cuprum for $1.5B

Principal Financial Group, Inc. announced today that it has signed a definitive agreement to acquire AFP Cuprum S.A., a leading pension manager in Chile with approximately $32.1 billion of assets under management. Businessweek reported that the $1.5 billion deal is the largest acquisition for the U.S.-based seller of life insurance and retirement products.

"This was really the one part of the system we had not been able to penetrate," Principal's Chief Executive Officer Larry Zimpleman said in an interview. "We can clearly pursue additional opportunities for contributions and revenue on the voluntary side, no question."

The agreement requires Empresas Penta S.A. and Inversiones Banpenta Limitada to sell their 63% ownership in Cuprum pursuant to a public tender offer that will also include the remaining 37% of publicly traded shares. This action, combined with its current business in Brazil, Chile and Mexico, will give Principal an even larger presence in faster growing emerging markets.

For more news and information visit Blumberg Capital Partners.

REIT Pays $65M for MD Office Building

Wells Real Estate Funds has purchased The Franklin Center in Columbia, MD for $65 million, or about $324 per square foot, according to a CoStar article. The Georgia-based REIT bought to Class A office building from Principal Financial Group Inc., which was represented by Cassidy Turley in the transaction. Terms of the deal and the buyer's broker was not disclosed.

The Franklin Center at 6841 Benjamin Franklin Drive was originally built in 2008 with 200,573 square feet of space spread over 7 floors. The building was fully leased to SAIC Inc. at the time of sale according to CoStar information, though the terms of that occupancy are unknown.

For more news and information visit Blumberg Capital Partners.