Principal Real Estate Income Fund announces an Equity Buyback for $10 million worth of its shares.
December 17, 2020 at 12:00 am
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Principal Real Estate Income Fund(NYSE:PGZ) announces a share repurchase program. Under the program, the company will repurchase up to 5% of its issued share capital. The purpose of share repurchases to enhance shareholder value and potentially reduce the discount between the market price of the Fund's common share and the net asset value per share. The program will comemcne from January 19, 2021 and valid till January 19, 2022. ALPS Advisors, Inc. acted as advisor to the company.
Principal Real Estate Income Fund (the Fund) is a non-diversified, closed-end management investment company. The Fundâs investment objective is to seek to provide high current income, with capital appreciation as a secondary objective, by investing in commercial real estate-related securities. Under normal market conditions, the Fund invests at least 80% of its total assets in commercial real estate-related securities, primarily consisting of commercial mortgage-backed securities (CMBS) and other United States and non-United States real estate-related securities (primarily real estate investment trusts (REITs) or REIT-like entities). Under normal circumstances, the Fund invests between 40% and 70% of its total assets in CMBS and invests between 30% and 60% in other real estate-related securities (including REITs). The Fund's investment adviser is ALPS Advisors, Inc. The Fund's investment sub-adviser is Principal Real Estate Investors, LLC.
PRINCIPAL REAL ESTATE INCOME FUND 
