Invesco REIT Fully Subscribes $97.6M Diversified DST Offering

Invesco Real Estate Income Trust Inc., a nontraded real estate investment trust that invests primarily in stabilized, income-oriented U.S. commercial real estate, fully subscribed its IREX V Diversified Portfolio DST. The offering raised $97.6 million in gross proceeds from investors completing Section 1031 like-kind exchanges.

The Delaware statutory trust launched in April 2026 and began raising capital in May. It holds The Elizabeth on Seventh, a mixed-use office/retail property in Charlotte, N.C., and Gateway One, an industrial property in West Columbia, S.C. The portfolio totals 353,257 net rentable square feet and is 98.7% occupied, according to the company.

IREX V is the largest offering in INREIT’s DST program to date. It is also the program’s first to combine property types; earlier IREX offerings were single-sector industrial or self-storage portfolios.

“IREX V is both our largest DST offering to date and our fastest to fully syndicate, a milestone we believe reflects the sustained demand among 1031 exchange investors for institutional-quality replacement property,” said Kyle Connor, director of private markets, 1031 Exchange Program at Invesco Real Estate.

The assets were sourced by INREIT. The REIT reported total asset value of $1.5 billion as of Sept. 30, 2026, up from the $1.3 billion it reported as of March 31.

“We believe the Southeast remains an attractive region for real estate investment, supported by continued population and employment growth in leading markets like Charlotte and Columbia,” said Chase Bolding, president of Invesco Real Estate Income Trust and head of North America, Invesco Real Estate.

The DST program has kept raising capital while sales of INREIT’s common stock have slowed. AltsWire reported in May that INREIT raised $9.8 million in gross proceeds in April 2026. The REIT also amended its subscription agreement with anchor investor MassMutual, pushing the start of mandatory repurchases to April 2028. INREIT had raised $293.8 million in net proceeds from the DST program as of June 30, 2026. The program began in February 2023.

Under the program, INREIT’s operating partnership holds an option to buy investors’ DST interests at fair market value starting two years after an offering closes. It can pay in operating partnership units or cash.

Per earlier reporting by AltsWire, the REIT fully subscribed its $94 million IREX IV Industrial Portfolio DST in May 2026. It closed the $87 million IREX III Industrial Portfolio DST in December 2025.

Invesco Real Estate had $88.9 billion in real estate assets under management as of June 30, 2026. Invesco Ltd. reported $2.5 trillion in assets under management as of Sept. 30, 2026.

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