CS merges two real estate funds
Credit Suisse Funds AG intends to merge the two real estate funds CS REF Green Property and CS REF Property Plus as of July 1, 2016. The acquiring real estate fund will be CS REF Green Property.
The unification serves to streamline the product range as well as clear positioning, thereby increasing product transparency for investors, Credit Suisse says.
Based on market values as of the end of 2015, the merged CS REF Green Property has properties worth a total of CHF 2.22 billion in its portfolio. Measured by market capitalization as of March 31, 2016, this creates the fifth-largest real estate fund in the Swiss market. According to CS, this will lead to greater liquidity on the stock exchange and improve the tradability of units for investors.
As of the date of the merger, the two real estate funds will be revalued, the exchange ratio will be calculated and the assets and liabilities of the ceasing real estate fund CS REF Property Plus will be transferred to the acquiring real estate fund CS REF Green Property. The investors of CS REF Property Plus will receive shares in CS REF Green Property in the corresponding amount.
CS REF PropertyPlus will be dissolved without liquidation and the fund contract of CS REF Green Property will apply to both real estate funds. The completion of the merger is planned as of August 31, 2016 (retroactive to July 1, 2016).
CS REF Green Property invests in high-quality new construction projects located in strong Swiss economic regions. When selecting new construction projects, the focus is on their sustainability. (ah)
