Commercial Mortgage Backed Security (CMBS): Securities collateralized by a pool of mortgages on commercial real estate in which all principal and interest from the mortgages flow to certificate holders in a defined sequence or manner. Principal Real Estate Investors’ has been analyzing and purchasing CMBS since the market was being developed in the early ninety’s. As one of the early investors in the asset class, Principal has seen the market develop and evolve into its current state. Our dedicated team of 6 investment professionals has over 50 combined years of real estate or CMBS experience. Combining this experience with all of the resources of Principal Real Estate Investors provides a formidable investment platform. The CMBS Investment Management Group manages over $8 billion in CMBS investments for a number of internal and external clients.