Invesco Real Estate Provides $355M Refi of 24-Asset Industrial Portfolio

A Bridge Investment Group subsidiary has secured a $354.6 million loan to refinance a portfolio of 24 industrial assets, spanning more than 2.4 million square feet across six states, Commercial Observer can first report.  

Invesco Commercial Real Estate Finance Trust (INCREF), the private credit real estate investment trust owned by Invesco Real Estate, provided the financing to Bridge Logistics Properties, a real estate investment manager under the umbrella of its $49 billion alternative asset management parent firm. 

The loan carries a loan-to-value ratio of less than 70 percent, while the entire infill industrial portfolio is currently “well-leased, cash-flowing,” according to Charlie Rose, global head of credit for Invesco Real Estate.

“This loan is complementary to our existing portfolio of moderate leverage loans made to the highest quality institutional sponsors in the industry,” Rose added.  

Matt Berger, chief financial officer at Bridge Logistics Properties, said in a statement that the new capital from Invesco strengthens his firm’s ability to execute a core logistics investment strategy across U.S. markets. 

“We are proud to partner with Invesco in supporting long-term performance for this high-quality portfolio,” he added. 

The 24-property portfolio spans a total of 2.45 million square feet across California, Washington, Texas, New Jersey, New York and Florida, according to Invesco. 

Yorick Starr, managing director for Invesco Real Estate, noted in a statement that the $354.6 million loan goes hand in hand with INCREF’s strategy to originate income-generating loans secured by the best possible assets in what his firm considers to be “the most liquid markets” across the U.S. and Europe. 

“Bridge Logistics Properties are exceptional investors and operators in these key logistics markets,” Starr added. 

Rose, who also serves as the lead portfolio manager of INCREF, emphasized that the firm’s private credit real estate investment trust now carries a portfolio of 61 loans totaling $3.6 billion in commitments. 

“Each loan we have closed this year has been representative of our consistent focus on the highest-quality segment of the floating-rate real estate credit market,” he said. 

Brian Pascus can be reached at bpascus@commercialobserver.com