Invesco eyes global RE debt platform growth

Dallas-based real estate investment manager has tapped a former Canyon executive to grow its commercial real estate credit business globally.

Invesco Real Estate has expanded its structured investments team with the hire of Charlie Rose as senior director, Real Estate Capital’s sister title, PERE reported.

Rose, who joined IRE last week, will primarily be responsible for strategic planning and business development within the firm’s commercial real estate credit lines of business, with an immediate focus on North America.

Charlie Rose, Invesco

The firm is aiming to eventually expand the lending platform globally, Rose said: “Invesco has been successful in deploying debt capital during this cycle and has been active in the subordinate and new origination space. My role within the firm is to take that existing direct lending platform and grow it into a sizable business line, initially within North America and further down the line, globally.”

Rose will be actively involved in initiatives related to sourcing and structuring new debt investments, managing external relationships and monitoring existing investments. He will be based in Newport Beach, California and report to Bert Crouch, managing director of US structured investments.

Rose has 13 years of real estate experience, primarily focused on senior loans, mezzanine loans, preferred equity, and performing and non-performing note acquisitions. He also has been active in the office, retail, industrial, multifamily, hotel, land development, condominium and assisted living sectors.

Rose previously worked for nearly eight years at Los Angeles-based hedge fund Canyon Partners, where he was in charge of originations for Canyon Value Mortgage Funds and acquisitions for Canyon Urban Funds and Canyon Multifamily Impact Fund, according to his LinkedIn profile. Prior to Canyon, Rose worked at Pacific Urban Residential and Rosen Consulting Group.

“Charlie’s hire is a key strategic one for us globally,” Crouch told PERE. “It’s looked at as a long-term hire, in the sense that we have a private credit initiative across the firm, but specific to IRE, it is a key focus currently. We’re seeing very real and very consistent need from our clients for fixed income alternatives, and that includes strategies like real estate that are more defensive, have higher income components and have lower volatility.”

IRE’s structured investments team includes both opportunistic investments – where Invesco has purchased stressed and distressed commercial mortgages during certain points of the real estate cycle – and credit originations.

The ultimate goal is to have Rose run the credit business, Crouch said. “The key here is we have right athlete that has the right background across the spectrum within credit,” he said.

Invesco has invested in real estate since 1983 and has executed on real estate credit-related transactions totaling more than $1.8 billion since the global financial crisis. IRE spans more than 400 professionals across 21 offices in 16 countries.

The firm’s most real estate debt fund was the Invesco Mortgage Recovery Fund II, which raised $333.5 million in 2014, according to PERE research. IRE had $67.8 billion of global investments in private real estate, global securities and real estate debt as of December 31.