Invesco Real Estate doubles down on debt, living, and logistics

Invesco Real Estate anticipates a robust year-end, with an intake of £1.5 bn (€1.7 bn) from their UK SJP mandate, the completion of €2 bn in acquisitions and €1.5 bn in disposals, involving around 40 separate transactions.

Cristiano Stampa

Cristiano Stampa, managing director and head of European Investments, told CRE Media Europe at Expo Real that approximately one-third of these acquisitions have been debt-related, while the remaining two-thirds were direct equity investments, deploying capital for various investors.
He highlighted Invesco’s re-entry into the hotel market, having acquired three hotels this year in Germany, Poland, and France. Stampa noted a strategic pivot towards alternative sectors and increased lending activity, primarily in the UK, but also Italy, Germany, and Spain.
To free up capacity and rebalance its portfolio, Invesco has sold medium to large office properties in Sweden, Milan, and London, reducing office exposure and redirecting capital into other asset classes, including living. Beyond PBSA, Invesco continues to invest in the broader living sector, particularly in the UK and Nordic regions.
However, “securing capital is now more expensive, and investors are more demanding in terms of target returns. Developers are less focused on problems and more selective in their projects. The market requires highly specific strategies, as there are fewer broad options,” he cautioned.
Stampa believes that declining transaction volumes represent not only a challenge, but also generate new opportunities. Success now “demands greater creativity and speed”, while the "windows of opportunity" are becoming shorter, requiring quick identification and execution of attractive strategies before they become overly popular and competitive, with partnerships becoming increasingly crucial.
For 2026, Invesco Real Estate anticipates actively pursuing Southern European hotels, particularly in Italy, and exploring "off-street" real estate opportunities in key cities like Paris, Munich, Milan, and Madrid. A new area of investment will be food distribution, retail, and production real estate, “driven by increasing pressure on food access and demand for convenience across Europe.” 
Additionally, Invesco will also prioritize living solutions and plans to significantly increase its debt investment activity, building on a projected €1 bn European debt portfolio by year-end. Conversely, the firm will adopt a more selective and cautious approach to logistics investments, noting a slowdown in take-up and increased pressure in that sector.
Branislav Pekić