
Invesco’s INCREF Closes $1.2B CRE CLO, Largest in US in Three Years
Invesco Commercial Real Estate Finance Trust, Inc. (INCREF), a perpetual life REIT focused on real estate-backed private credit, announced the closing of its first $1.2 billion commercial real estate collateralized loan obligation (CRE CLO), INCREF 2025-FL1.
Structured by Morgan Stanley, with bookrunning support from Barclays, Citigroup, and Wells Fargo, the CRE CLO is backed by a portfolio of approximately 55% multifamily and 45% industrial loans.
“We’re pleased to announce that this issuance, which priced efficiently amid volatile market conditions, is the largest diversified CRE CLO issued in the US in the past three years evidencing the market’s confidence in the sector,” said Charlie Rose, president and lead portfolio manager of INCREF and global head of credit for Invesco Real Estate.
Invesco Real Estate has grown into one of the top five alternative lending platforms in the U.S., driven by its property-first, credit-focused approach, fostering enduring relationships with borrowers.


