Sponsor profile
SEC filings + cited sources
Invesco Real Estate Exchange (INREX) is the Delaware statutory trust platform of Invesco Real Estate, the roughly $85 billion real-estate group within Invesco Ltd. Its sponsor entity, Invesco Real Estate Exchange LLC, operates from Dallas, Texas. INREIT's board authorized a DST program of up to $3.0 billion, structuring interests as 1031 replacement property intended for later 721 UPREIT conversion into INREIT operating partnership units. Since 2023 the platform has issued a numbered IREX series concentrated in net-lease industrial, cold storage, and self-storage assets, and it has reported multiple offerings fully subscribed.
Platform and sponsor
Invesco Real Estate Exchange (INREX) is the Delaware statutory trust arm of Invesco Real Estate, a global real-estate investment group overseeing roughly $85 billion in real-estate assets 1. The sponsor entity, Invesco Real Estate Exchange LLC, is an indirect subsidiary of Invesco Ltd. based at 2300 N. Field Street, Suite 1200, Dallas, Texas; program filings identify Invesco DST Manager LLC as trust manager, IREX Depositor LLC as depositor, and Bert Crouch, President of the Manager, as executive officer 2.
Program structure and strategy
The board of Invesco Real Estate Income Trust Inc. (INREIT) authorized a DST program with a maximum aggregate offering amount of up to $3.0 billion, issuing DST interests as replacement property for 1031 exchanges and held for subsequent 721 UPREIT conversion into INREIT operating partnership units 3. The program's asset focus is institutionally sourced net-lease industrial, cold storage, and self-storage properties, structured for a 721 UPREIT conversion into INREIT after an approximately two-year hold 4.
Representative offerings
The platform's first offering, IREX I Industrial Portfolio DST, closed in 2024 as a $36.9 million offering of two net-lease cold storage properties in Los Angeles (approximately 94,000 net rentable square feet, weighted average remaining lease term of 9.3 years) 5. The IREX II Self-Storage Portfolio DST was reported fully subscribed on July 2, 2025, raising $85.7 million in gross proceeds across eight self-storage properties in Tennessee, Texas, North Carolina, and Oregon (463,495 net rentable square feet, 87.20% occupancy) operated under the US Storage Centers brand by Westport Properties Inc. 6. The IREX III Industrial Portfolio DST, launched in May 2025, was reported fully subscribed on December 18, 2025, raising $87 million across three fully occupied industrial properties in Ohio and Illinois totaling 795,825 net rentable square feet 7. The IREX IV Industrial Portfolio DST was reported fully subscribed on May 12, 2026, raising $94 million across three Florida and North Carolina industrial properties totaling 1.36 million square feet and 100% leased to STIHL Inc., Artisan Design Group, and Cameron Ashley 8.