Invesco Real Estate borrows €1bn from Aareal Bank

Invesco Real Estate is borrowing €1bn from Aareal Bank for its core pan-European strategy.

Invesco Real Estate is using the facility, which has a 10-year term, for new acquisitions.

Around €610m has been drawn down by Invesco Real Estate from the facility, which Aareal Bank can syndicate.

Andy Rofe, Invesco Real Estate’s managing director for Europe, said: “The bespoke arranged facility will allow IRE both the stability and security of locking in low interest rates for a 10-year term.

“It will also provide us with the flexibility to grow our pan-European mandate from its current €3bn in assets under management by having debt already in place to quickly take advantage of new opportunities arising in the market.”

Invesco Real Estate is selling a portfolio of seven hotel assets two years ahead of its fund’s expiry for €415m to listed Swedish hotel company Pandox.

The manager’s second pan-European hotel fund, launched in 2011, will be closed on the completion of the sale this month.

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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