Invesco holds first close for U.K. residential fund
Invesco Real Estate has announced the launch and first close of its dedicated, open-end U.K. Private Rented Sector fund with £250 million ($354 million) of investable capital, including debt, from five institutional investors in Australia, Canada and the United Kingdom. There are further closings planned over the next 12 months.
“Private rented sector” is the U.K. term for leased multifamily assets. The Invesco Real Estate fund seeks to respond to the opportunity created by Britain’s growing imbalance in residential supply and demand. It aims to build on the track record of Invesco Real Estate’s multifamily investments across the United States and Asia, as well as the firm’s initial European residential investments in the United Kingdom and Germany in the past 18 months, including a development in Hayes, England, which is scheduled to be completed in May 2016.
Simon Redman, managing director – client portfolio ma