-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PGGjGoBaCSA2TEpjjNO13uV3eJsrGtxN65pIOlABkF6iUzK0VieA86gxgOYBie7E
 j6auHSHTszZNCjUm94EAlQ==

<SEC-DOCUMENT>0001447390-09-000006.txt : 20091020
<SEC-HEADER>0001447390-09-000006.hdr.sgml : 20091020
<ACCEPTANCE-DATETIME>20091020130706
ACCESSION NUMBER:		0001447390-09-000006
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
ITEM INFORMATION:		Section 3(c)(7)
FILED AS OF DATE:		20091020
DATE AS OF CHANGE:		20091020
EFFECTIVENESS DATE:		20091020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Penn Square Global Real Estate Fund II, L.P.
		CENTRAL INDEX KEY:			0001447390
		IRS NUMBER:				262590335
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-123426
		FILM NUMBER:		091127559

	BUSINESS ADDRESS:	
		STREET 1:		150 N. RADNOR-CHESTOR ROAD
		STREET 2:		SUITE A110
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6102590335

	MAIL ADDRESS:	
		STREET 1:		150 N. RADNOR-CHESTOR ROAD
		STREET 2:		SUITE A110
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001447390</cik>
        <entityName>Penn Square Global Real Estate Fund II, L.P.</entityName>
        <issuerAddress>
            <street1>150 N. RADNOR-CHESTOR ROAD</street1>
            <street2>SUITE A110</street2>
            <city>RADNOR</city>
            <stateOrCountry>PA</stateOrCountry>
            <zipCode>19087</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>6102590335</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>[none]</firstName>
                <lastName>Penn Square II, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Radnor-Chester Road</street1>
                <street2>Suite A110</street2>
                <city>Radnor</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19087</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Albro</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Radnor-Chester Road</street1>
                <street2>Suite A110</street2>
                <city>Radnor</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19087</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>William</firstName>
                <middleName>Gui</middleName>
                <lastName>Costin, IV</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>150 N. Radnor-Chester Road</street1>
                <street2>Suite A110</street2>
                <city>Radnor</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19087</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>[none]</firstName>
                <lastName>The Townsend Group, Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1660 W. 2nd Street</street1>
                <street2>Suite 450</street2>
                <city>Cleveland</city>
                <stateOrCountry>OH</stateOrCountry>
                <zipCode>44113</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001447390-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2008-09-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>CitiGroup Global Markets, Inc.</recipientName>
                <recipientCRDNumber>7059</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>7059</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>485 Lexington Avenue</street1>
                    <street2>16th Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10017</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>750000000</totalOfferingAmount>
            <totalAmountSold>112325000</totalAmountSold>
            <totalRemaining>637675000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>36</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>280000</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>Payments made to general partner are subject to future contingencies</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Penn Square Global Real Estate Fund II, L.P.</issuerName>
                <signatureName>/s/William G. Costin, IV</signatureName>
                <nameOfSigner>William G. Costin, IV</nameOfSigner>
                <signatureTitle>V.P. of Penn Square II, LLC, the Issuer's general partner</signatureTitle>
                <signatureDate>2009-10-20</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----