Invesco Real Estate Closes on $1.7 billion of Loan Commitments Across 24 Loans in North America through 3Q24

DALLAS, Oct. 29, 2024 /PRNewswire/ -- Invesco Real Estate, a global leader in the real estate investment management business, announced today that it has completed a strong quarter for loan originations, closing $958 million of loan commitments across 11 floating rate senior loans in North America and one whole loan facility in Europe. In the aggregate, Invesco Real Estate originated five loans secured by industrial properties, five loans secured by multifamily properties and two cross-collateralized loans secured by self-storage properties. These transactions increase Invesco Real Estate's total loan commitments in North America to 24 loans totaling $1.7 billion in committed capital year to quarter.

Since launching a dedicated real estate credit platform in 2017, Invesco Real Estate has committed over $16.0 billion in capital across more than 209 transactions in North America. In the third quarter, Invesco's originations represented a 126% quarter-over-quarter increase in investment activity and the firm has now increased loan origination volume sequentially for six consecutive quarters.

"As we close on $1.7 billion in loans this year, we reaffirm our commitment to real estate credit as a sector with lasting growth potential," said Bert Crouch, Head of North America for Invesco Real Estate. "This milestone highlights both the strength of the foundation we have built over the past four decades and the deep borrower relationships we have fostered, enabling us to continue driving growth and delivering value."

"We are confident in the strong sourcing and lending foundations of the Invesco Real Estate platform and are excited about the continuous growth of our debt portfolio," said Charlie Rose, Global Head of Debt for Invesco Real Estate. "As market sentiments continue to improve, we remain confident that our credit platform is well-positioned to benefit from the current banking dislocation, easing inflation, lower interest rates and the opportunity for gap financing."

In Europe, Invesco Real Estate recently closed on a €272.0 million ($303.4 million) whole loan facility for the refinance of an existing facility secured against a portfolio of three prime logistics centers in Barcelona, Paris, and Bristol. This loan was backed by capital from North America.

In addition, Invesco Real Estate closed on the following loans in North America:

• $128.0 million floating-rate senior loans for the acquisition of a 5-property portfolio, spanning 645,000 square feet of highly functional industrial assets located in key infill markets of Atlanta, GA, Baltimore, MD, and Raleigh, NC.
• $101.0 million floating-rate senior loan for the refinancing of a 2014-vintage, Class-A high-rise multifamily property located in a submarket of Washington, D.C. The 400-unit property features 5,170 square feet of retail space and is proximate to Union Market and the Metrorail.
• $83.5 million floating-rate senior loan for the acquisition and lease-up of an industrial outdoor storage portfolio consisting of eleven assets totaling 94.3 acres located across six states throughout the United States.
• $55.5 million floating-rate senior loan for the acquisition and mark-to-market of a 2022-vintage, Class-A industrial property totaling 339,214 square feet located in Henderson, NV. The loan was made to a multi-repeat institutional borrower and is located less than 8 miles from the Harry Reid International airport, and access to over 77 million people within a one-day drive.
• $50.8 million floating-rate senior loan secured by a newly built, Class-A mid-rise apartment community totaling 341 units located in Houston, TX. The property is proximate to downtown Houston and the broader metro area via I-45 and I-10.
• $47.9 million floating-rate senior loan secured by a 3-property portfolio of industrial assets totaling 645,00 square feet in strong infill location in Louisville, KY, High Point, NC, and Raleigh, NC.
• $44.0 million floating-rate senior loan for the refinancing of a mid-rise apartment community spanning 352 units and 33,726 square feet of retail space located in Dallas, TX. The Class-A property is part of an 80-acre master planned community with connections to Dallas's central business district and the broader area via I-35 and 366. 
• $42.4 million floating-rate senior loan for the acquisition and lease-up of a five-property self-storage portfolio located in TX, OH, SC, and FL.
• $41.8 million floating-rate senior loan for the refinancing of a Class-A, low-rise apartment community spanning 264 units located in Riverview, FL. The property is strategically located in one of the nationally recognized top multifamily markets for rent growth.
• $11.3 million, for the acquisition and lease-up of a three-property self-storage portfolio located across NC, FL, and WA.
• $48.5 million floating-rate senior loan for the cash-in refinance of a recently renovated, 146-unit garden multifamily community in San Mateo, CA.

This includes all loans for the third quarter.

About Invesco Real Estate

Invesco Real Estate is a global real estate investment management business with $86.4 billion in real estate assets under management, 607 employees and 21 regional offices across the U.S., Europe and Asia as of June 30, 2024. Invesco Real Estate invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd.

About Invesco Ltd.

Invesco Ltd. is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive, and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.8 trillion in assets on behalf of clients worldwide as of September 30, 2024. For more information, visit www.invesco.com.

Contact: Beverly Khoo | 332-323-8029 | [email protected]

 

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SOURCE Invesco Ltd.