Invesco Real Estate, a global real estate investment manager, and Jera Asset Management , a national real estate investment firm focused on properties that are net-leased to quality credit tenants, have formed a strategic joint venture, Mercury Trust, to take advantage of the strong industrial markets.
Mercury Trust was seeded with nearly $500 million of assets throughout the country that have been acquired or are under contract to be acquired in the near future.
Invesco Real Estate, on behalf of an institutional client, made a significant equity commitment for investment in future acquisitions through Mercury Trust. Mercury Trust has also obtained a credit facility totaling $675 million for current and future acquisitions.
“The newly formed Mercury Trust joint venture with Invesco Real Estate is a momentous occasion for all of us at Jera,” said Jera managing partner David Kay. “Our team has been in the net-lease industry for decades and were early to the industrial sector. This venture continues our strategy of partnering with world-class institutions that not only give us financial backing but scale that will enable us to be a leader in the industry.”
Carrington Guy, managing partner of Jera, added, “We are very excited about our partnership with Invesco Real Estate and the future opportunities for Mercury Trust. Invesco’s reputation as one of the top investment managers in the world and a leader in the commercial real estate industry combined with our ability to originate acquisitions of industrial assets and manage portfolios will enable us to substantially grow Mercury Trust.”
“We are pleased to enter this partnership with Jera through Mercury Trust and look forward to growing the relationship,” commented Greg Kraus, Managing Director and Head of Transactions at Invesco Real Estate. “We share Jera’s positive outlook on the industrial space, and the opportunities the sector presents.”
Vinson & Elkins advised Jera Asset Management in the strategic joint venture agreement.