Invesco Commercial Real Estate Finance Trust (INCREF), a perpetual life real estate investment trust (REIT) focused on private credit secured by real estate, closed its inaugural $1.2 billion managed commercial real estate collateralized loan obligation (CRE CLO), INCREF 2025-FL1, on May 7, 2025.

"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.

The CRE 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 CRE CLO issued in the US in the past three years1 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."

The Invesco Real Estate platform has rapidly grown to become one of the five most active alternative lending platforms in the US.2 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.