Change in fund management at Credit Suisse
There will be changes in the fund management of the real estate funds CS REF Global and CS REF International. Ruth Schmeing and Marc-Oliver Tschabold take over from Francisca Fariña Fischer and Rainer Scherwey respectively.
Francisca Fariña Fischer will hand over the management of CS REF Global to Ruth Schmeing as of April 1 and will take over as the new head of Real Estate International. Rainer Scherwey, who has led this area until now, is relinquishing this function as well as his position as fund manager of CS REF International for health reasons.
Schmeing, the new fund manager of CS REF Global, joined Credit Suisse Real Estate Investment Management in April 2014. Prior to that, she worked for more than seven years in various positions at an international real estate advisor in Frankfurt.
Marc-Oliver Tschabold, the future fund manager of CS REF International, has been working in Real Estate Investment Management at Credit Suisse since 2008 and has headed the CSA Real Estate Germany investment group since July 2015.
Acquisitions and a capital increase
The two real estate funds closed the 2016 financial year successfully, Credit Suisse reports. The market value of the real estate portfolio of CS REF Global increased by 16.4 percent to CHF 358.9 million (previous year: CHF 308.3 million) with a simultaneous increase in rental income of around 17 percent.
CS REF International also expanded its portfolio and now has 39 properties with a market value of 2.83 billion (previous year: 2.48 billion). Investments were made primarily in the Asia-Pacific region. A capital increase for the fund is planned for the second quarter. The funds will be used to further expand the portfolio.
