Real estate Invesco Global Direct Property Fund

Footnotes

*Source: as at 31 December 2024.

Investment risks

The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.

Property and land can be illiquid and difficult to sell, so the fund may not be able to sell its investments when desired and at the intended price.  The value of property is generally a matter of an independent valuer’s opinion and may not be realised. Real estate investments are typically not listed on regulated markets and need to be valued via the application of appropriate models (potentially applied by independent experts): this may lead to inaccurate valuations which may not be reflected into transaction prices.

Changes in interest rates, rental yields, FX rates, market trends and general economic conditions may result in fluctuations in the value of the assets and of the fund and in the level of cash-flows generated. Real estate investments are exposed to counterparty risk, which is the risk that a counterpart is unable to deal with its obligations.

The fund may use derivatives (complex instruments) and borrowings, which may result in the fund being significantly leveraged and may result in large fluctuations in the value of the fund. Real estate investments can be exposed to new sustainability-related regulatory requirements and trends that may negatively affect the value of those assets which are not compliant and can envisage significant costs to be invested to comply or to simply improve their sustainability profile. In addition, real estate investments can be also significantly exposed to negative economic effects stemming from climate change, natural disasters and the general preference of investors for assets with better sustainability features.

Real estate investments are labour-intensive and present a significant amount of human/manual inputs and activities, hence potentially exposed to several types of operational risks that may affect areas such as administrations, operations, reporting and others. The underlying funds might make use of debt to finance investments which may result in such fund being more leveraged and may result in greater fluctuations in the value of the fund. Many Real Estate investments are illiquid, meaning that the fund may not be able to sell them quickly at a fair price and/or that the redemptions may be delayed due to illiquidity of the underlying investments.

If on any given Redemption Day of the Sub-Fund, the applications for redemption of units of the Sub-Fund represent in aggregate more than: (i) 3% of the Net Asset Value of the Sub-Fund per calendar month, (ii) 5% of the Net Asset Value of the Sub-Fund per any rolling 90 calendar days period, or (ii) 20% of the Net Asset Value of the Sub-Fund per any rolling 356 calendar days period, IMSA may decide to (a) start applying the Monthly Investor Limit (as described hereafter), (b) cancel all requests received on such day, and/or (c) decide that no further applications for redemptions shall be accepted until the first redemption day of the following calendar month or until further notice. Any such decision will be published on the Website of the Sub-Fund (www.invesco.com/gdpf/en/literature.html). IMSA also reserves the right (irrespective of whether any limits have been exceeded) to limit the applications for redemption of units of the Sub-Fund to a percentage between 2% and 5% of each unitholder’s designation account per calendar month (the “Monthly Investor Limit”). Further to this where redemptions have exceeded lower redemption limits (as may be determined by IMSA), IMSA may decide that no further applications for redemptions or conversion shall be accepted until further notice.

Important information

All information is provided as 31 December 2024, sourced from Invesco unless otherwise stated.

This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. Views and opinions are based on current market conditions and are subject to change.

Investors should consult a financial professional before making any investment decisions if they are uncertain whether an investment is suitable for them. Please obtain and review carefully the Offering Memorandum relating to the Interests described herein before investing. Invesco makes no representation or warranty, expressed or implied, regarding any prospective investor’s legal, tax or accounting treatment of the matters described herein, and Invesco is not responsible for providing legal, regulatory or accounting advice to any prospective investor.

For more information on our funds and the relevant risks, please refer to the Offering Memorandum, the Annual or Interim Reports, and constituent documents (all available in English). These documents are available on the product literature page: www.invesco.com/gdpf/en/literature.html. A summary of investor rights is available in English from www.invescomanagementcompany.lu. The management company may terminate marketing arrangements.

The fund, as a Reserved Alternative Investment Fund domiciled in Luxembourg, is eligible for Well-Informed Investors (as defined in the Luxembourg Law dated 28 July 2023) and marketing in the EEA is permitted to Professional Clients only. The fund is a dedicated Luxembourg open-ended unregulated fund. It qualifies as an alternative investment fund (AIF) managed by Invesco Management S.A. (IMSA) as external alternative investment fund manager (AIFM).

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