Invesco Commercial Real Estate Finance Trust Inc., or INCREF, a perpetual life real estate investment trust focused on private credit secured by real estate, announced that it closed its inaugural $1.2 billion managed commercial real estate collateralized loan obligation.
“Our culture of innovation has kept us on the leading edge of commercial real estate for 40 years. This transaction further demonstrates our deep real estate capital markets expertise and commitment to excellence in real estate finance,” said Bert Crouch, chief executive officer and director of INCREF and head of North America for Invesco Real Estate.
According to the REIT, the CLO is structured by Morgan Stanley with bookrunning support from Barclays, Citigroup, and Wells Fargo, and is secured by a portfolio consisting of approximately 55% multifamily and 45% industrial loans.
“We’re pleased to announce that this issuance, which priced efficiently amid volatile market conditions, is the largest diversified [commercial real estate] CLO issued in the U.S. in the past three years evidencing the market’s confidence in the sector,” said Charlie Rose, president and lead portfolio manager of INCREF and global head of credit for Invesco Real Estate. “By issuing today, we have improved our overall cost of capital and accessed significant additional liquidity at a time when our liquidity position is already extraordinarily strong.”
According to the company, the Invesco Real Estate platform has rapidly grown to become one of the five most active alternative lending platforms in the United States. The group attributes this, in part, to its property-first and credit-over-yield mandate that has helped the team to develop lasting partnerships with relationship borrowers.
Invesco Commercial Real Estate Finance Trust is a monthly net asset value non- listed real estate investment trust that originates, acquires, and manages a portfolio of loans secured by commercial real estate (and similar investments) primarily located in North America. It is managed by Invesco Advisers Inc., a subsidiary of Invesco Ltd. and the registered investment adviser for Invesco Real Estate, the real estate investment center of Invesco Ltd.
As of Dec. 31, 2024, Invesco Real Estate had $85 billion in real estate assets under management, 605 employees, and 21 regional offices across the nation.
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