Invesco Commercial Real Estate Finance Trust has closed its $1.2 billion commercial real estate collateralized loan obligation, which is backed by multifamily and industrial debt.
According to a statement from company, this is the largest CLO issued in the last three years in the country.
It was secured by roughly 45 percent in industrial and a 55 percent multifamily loan portfolio. Morgan Stanley structured the CLO, while Wells Fargo, Barclays and Citigroup provided bookrunning support.
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The move, according to Invesco's REIT, will strengthen its financial position, although it did not reveal its exact plans for the future. Invesco Ltd. reported $821.7 million in cash, as of March 31.
"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," Charlie Rose, president and lead portfolio manager of Invesco's REIT and global head of credit for Invesco Real Estate, said in a statement.
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