Invesco fully subscribes $97.6M DST offering
What's the deal? Invesco has fully subscribed its IREX V Diversified Portfolio, a Delaware statutory trust (DST) offering, at $97.6 million. The nonlisted REIT said the offering launched in April 2026.
What's inside? IREX V holds one mixed-use office and retail property and one industrial property in North Carolina and South Carolina. The assets span roughly 353,000ft² and are 98.7% occupied.
Why now? DSTs — a securitised form of the 1031 exchange — let property owners defer taxes by rolling gains into new deals while owning fractional, passively managed stakes. "As more property owners look to step away from the day-to-day demands of active management without giving up their real estate exposure, we continue to see strong interest," said Kyle Connor, Invesco Real Estate's director for private markets and the 1031 exchange program.
The bigger picture: Invesco is not alone. DST sales reached nearly $8.4 billion through October, up 26% from under $6.7 billion in the same period of 2025, according to Mountain Dell Consulting. October sales alone totaled roughly $918.5 million, up about 9.6% from September.
The IREX V close follows two recent Invesco completions: a $94 million industrial DST in May 2026 and an $87 million offering in December 2025. Big institutional names including AresDealroom has a profile for this one. Try Dealroom →, HinesDealroom has a profile for this one. Try Dealroom →, and Blackstone have also entered the more than 20-year-old vehicle as older investors seek passive options.
The signal: A fully subscribed $97.6 million close is solid execution in a growing 1031-exchange market, though not an outlier by size. One caveat: Invesco's nontraded REIT fundraising reportedly slowed in the third quarter, so this single DST close does not signal broad acceleration across its investor channels.
Read more: finance.yahoo.com
Image credit: Tim Evanson
