Invesco, Square Mile Capital, Canyon Combine to Acquire $880 Million Loan Portfolio

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Sep 29, 2011, 05:03 ET

ATLANTA, Sept. 29, 2011 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today announces that its wholly-owned subsidiaries WL Ross & Co. LLC and Invesco Advisers, Inc., and, Square Mile Capital Management LLC and the Canyon-Johnson Urban Funds have teamed to acquire a portfolio of performing and non-performing commercial real estate loans from Bank of America. The 29 loans are secured by office, retail, industrial, multi-family, and lodging assets located across 16 states and have an aggregate unpaid principal balance of approximately $880 million.

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Capital for the investment was provided by Invesco Mortgage Recovery Fund, a fund co-managed by Invesco Real Estate, Invesco Fixed Income and WL Ross & Co. LLC; Invesco Mortgage Capital Inc. (NYSE: IVR), a mortgage REIT managed by Invesco Advisers, Inc.; Canyon-Johnson Urban Fund III, and a fund managed by Square Mile Capital.

About Invesco

Invesco is a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ.

About WL Ross & Co.

WL Ross is an investment affiliate of Invesco. Led by renowned investor Wilbur Ross, Jr., WL Ross' investment team has accomplished more than $300 billion of workouts around the world over the last 30 years. WL Ross has sponsored and managed more than $10 billion of equity investments in distressed securities. Visit www.wlross.com.

About Invesco Mortgage Capital Inc.

Invesco Mortgage Capital Inc. is a real estate investment trust that focuses on financing and managing residential and commercial mortgage-backed securities and mortgage loans. Invesco Mortgage Capital Inc. is managed by Invesco Advisers, Inc., a subsidiary of Invesco Ltd.

About Invesco Real Estate

Established in 1983, Invesco Real Estate manages $45.4 billion of real estate investments, which includes $26 billion in direct real estate portfolios and $19.4 billion in real estate securities (as of June 30, 2011). With more than 310 employees in 16 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 23 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.

About Invesco Fixed Income

Invesco Fixed Income manages more than $200 billion in fixed income assets. With more than 150 investment professionals, the group offers a complete range of global and domestic asset classes, from cash to alternative fixed income, that seek to outperform through a variety of market conditions. Its investment vehicle options include separate accounts, mutual funds, collective trust funds and exchange-traded funds.

About Canyon Capital Realty Advisors LLC

Canyon Capital Realty Advisors LLC and its affiliate Canyon Capital Advisors LLC are registered investment advisors and money management firms based in Los Angeles, California, with approximately $20 billion of capital under management. Canyon's real estate investment activities focus on providing debt and equity capital to real estate owners, operators, developers, corporations and entrepreneurs, enabling them to participate in transactions that would have traditionally eluded them due to capital constraints. In addition to Canyon-Johnson, Canyon's investment platforms include: (a) the Canyon Value Mortgage Funds which originate and/or purchase senior and mezzanine mortgage debt, and (b) the Canyon-Agassi Charter School Facilities Fund, a joint venture with Andre Agassi focusing on the development of learning friendly, environmentally responsible charter school facilities for best in class charter school operators.

About Canyon-Johnson Urban Funds

The Canyon-Johnson Urban Funds (CJUF) are one of the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and an entity of Earvin "Magic" Johnson's Magic Johnson Enterprises, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. With nearly $2 billion in committed equity capital, the funds are positioned to facilitate more than $8 billion in development and revitalization in major U.S. metropolitan areas. For more information, visit www.cjuf.com.

About Square Mile Capital

Square Mile Capital Management LLC is a private New York based investment firm which focuses on real estate and real estate related opportunities, including both debt and equity investments on behalf of select institutional and private investors. The firm takes a value oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize assets or enterprises which are undervalued, overlooked, complex or mispriced. Since the establishment of its first fund, Square Mile Capital's funds comprise approximately $1.5 billion in discretionary capital, including its most recent vehicle which closed in February 2009 with $806 million of committed discretionary capital.

SOURCE Invesco Ltd.