Invesco Real Estate is currently marketing its first ever commingled core real estate fund focused on the Asia Pacific region, the Invesco Real Estate Asia Fund.
The open-end fund, which has already raised $400 million from six founding investors, will target core/core-plus office, industrial, residential and retail properties with an emphasis on office properties. It will invest across Asia with a focus on Australia, China, Hong Kong, Japan, Singapore and South Korea, and is expected to make its first two or three investments in Japan and Australia to build a stabilized portfolio.
Investments will average $80 million to $150 million with leverage no higher than 60 percent. Fund-level leverage will not exceed 40 percent. Minimum LP investment size in the fund is $10 million, and gross returns are expected to be in the 9 percent to 11 percent range. An initial close is expected by June 30.