CS REF Global and CS REF International present annual financial statements

The Credit Suisse Real Estate Fund International (CS REF International) expanded its portfolio in the past financial year, according to a Credit Suisse press release: purchases were made in Frankfurt, London and Dublin as well as twice in Japan - Tokyo and Yokohama - and in the New Zealand capital Wellington. The fund disposed of properties in Sydney and Amsterdam. The market value of all properties was reported to be around CHF 3.76 billion as at December 31, 2018, compared to CHF 3.31 billion in the previous year.

The Exchange construction project in Vancouver, Canada, was completed in fall 2018. According to CS, it is now fully let to well-known and creditworthy companies. The rental loss rate in the 2018 financial year was 10.7%, which included in particular the vacancy rate of The Exchange, which was still 49% as at September 1, 2018. Rental income rose from 169.6 million to 185.0 million in the reporting period, CS added. The distribution remained stable at CHF 42.00 per unit; the distribution yield rose from 3.4% to 3.7%. The return on investment amounted to 4.5% after 8.4% in the previous year.

A capital increase for CS REF International is being examined for the second quarter.

The Credit Suisse Real Estate Fund Global (CS REF Global) increased its distribution yield slightly from 3.87% to 3.92% as at December 31. According to the information provided, the investment return amounted to 5.1% (previous year: 7.1%); the performance was 2.8%.

The rental loss rate fell from 9.5% to 6.6% - according to CS, this was mainly due to the sale of a property in Perth, Australia. In Yokohama, the fund acquired an office property in the Kannai business district.

The market value of the properties was 375.4 million at the end of 2018, compared with 380.9 million at the end of 2017. (ah)