CS funds submit annual financial statements

Credit Suisse Real Estate Fund Green Property (CS REF Green Property) increased its performance from -3.2% to 24.8%. The investment return increased from 4.1% to 5.1%. The distribution remains unchanged at CHF 3.70/unit.

The fund's rental default rate decreased from 4.7% to 4.0% at the end of the fiscal year; rental income increased slightly from CHF 110 million to CHF 111 million.

With the new money of CHF 197.7 million gross, which flowed into the fund at its capital increase in November 2019, the portfolio has been expanded and the debt reduced, says Credit Suisse Funds. In the last quarter of 2019, the "Im Guss" development within walking distance of Bülach train station was completed, and by the end of February 2020, almost three-quarters of the apartments had already been rented.

CS REF Hospitality completes repositioning

Credit Suisse Real Estate Fund Hospitality (CS REF Hospitality) returned to premium in fiscal 2019, with a premium of 12.8% at the end of 2019, compared to a discount of 9.4% in the previous year. Performance increased from -4.6% to 26.1%.

The fund has With the sale of an Alpine real estate package announced on November 27, 2019. completed its repositioning, Credit Suisse Funds added. The change of ownership of the individual properties will take place during the 2020 financial year, it added.

The release further states that the 238,660 units redeemed as of the end of fiscal 2018 will be redeemed on March 27, 2020. After that date, all redemptions will be completed.

The distribution per unit will increase from CHF 3.30 to CHF 3.40 in fiscal year 2019. This results in a distribution yield of 3.2% as of December 31, 2019.

CS REF Living Plus increases the distribution

Credit Suisse Real Estate Fund Living Plus (CS REF Living Plus) recorded an investment return of 5.4% in fiscal 2019, up from 4.2% in the previous year. Performance increased from -7.4% to 20.5%. The fund doubled its premium from 18.8% to 36.9%.

The distribution per unit for fiscal year 2019 is CHF 3.60, CHF 0.10 more than in the previous year. The distribution yield is 2.4% as of December 31, 2019.

The fund started work on the extension of the Burdlef senior citizens' residence in Burgdorf in fall 2019. The extension reportedly has a usable floor space of around 1,800 sqm and will be leased on a long-term basis from the current operator after its expected completion in fall 2021.

CS REF Hospitality and CS REF Living Plus have a new fund manager: Jessica Lindauer has been in charge of the two funds since February 1, 2020. (ah)