Industrial Purchase Marks Invesco REIT’s First Majority-Owned Direct Real Estate Investment Since 2022
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Invesco Real Estate Income Trust Inc. – a publicly registered non-traded real estate investment trust that invests primarily in stabilized, income-oriented commercial real estate – provided more detail on its 61,200-square-foot industrial building located in Concord, N.C.
Previously reported by The DI Wire, the property is 100% leased and located in the Cabarrus County submarket of the Charlotte, N.C., metropolitan statistical area, approximately two miles from I-85 and Highway 73.
After two years of primarily focusing on private real estate debt and structured investments, the REIT said this investment marks its first majority owned direct real estate investment since July 2022.
The purchase price for the North Carolina property was $8.6 million. The investment brings the company’s industrial allocation to 15% and increases gross assets to more than $1 billion.
“The Charlotte metropolitan area continues to expand with an influx of new residents and an increasing number of jobs, notably within the manufacturing sector. This investment aligns with our belief in the long-term demand for highly functional industrial buildings in growing markets,” said R. Scott Dennis, president and chief executive officer for Invesco REIT.
“We believe that the start of rate cuts will be beneficial for real estate values, particularly for those sectors benefiting from strong secular demand, such as industrial. [Invesco REIT] is well-positioned to take advantage of opportunities like these with a healthy balance sheet and ample liquidity,” added Dennis.
The REIT launched its public offering, which seeks to raise up to $3 billion, in May 2021. As of Aug. 13, 2024, the company had received aggregate gross proceeds of $201.3 million from the offering. The company has also received gross proceeds totaling $581.9 from private offerings for its Class N and Class E common stock, as well as $23 million in proceeds from its Delaware statutory trust program.
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