CS REF Global: Property sales to start in April
The fund management company of the Credit Suisse Real Estate Fund Global, which is in liquidation, intends to start selling off the properties in mid-April. The fund holds a total of twelve properties.
Due to low trading volumes in CS REF Global, a discount of over 20% has built up in the fund's secondary market trading over the course of the 2020 financial year - as part of the Covid-19 market corrections, Credit Suisse Asset Management says. This development is at odds with the "fundamentally good location and property quality of the underlying real estate portfolio", which is why one At the end of 2020, the Board decided to terminate the fund contract as of 31 December 2020 and to initiate the dissolution of the fund.
Overall, the 2020 financial year went well, according to Credit Suisse Asset Management. The market value of the twelve properties declined slightly to 377.8 million (previous year: 381.4 million), with the individual properties showing very different changes in value.
The rental default rate of CS REF Global fell significantly in the previous year from 8.8% to 4.7%. Net income fell slightly from CHF 10.2 million to CHF 10.0 million. The distribution remains constant at CHF 3.40 per unit. (ah)
