CS combines the Green Property and PropertyPlus funds

The merger of the two real estate funds will take place on August 31, 2016, retroactive to July 1, 2016, with CS REF Green Property being the acquiring real estate fund. The merger is intended to streamline the product range and increase product transparency for investors, Credit Suisse Funds AG writes in a media release. The size of the new CS REF Green Property, measured by market values as of June 30, 2016, totals CHF 2.3 billion. This will lead to higher liquidity on the stock exchange and improve the tradability of the units for investors, Credit Suisse said.

Shareholders of CS REF PropertyPlus will receive 1.10787 new shares of CS REF Green Property for one existing share on September 1, 2016. Only whole units will be converted, excess fractions will be paid out in cash.

The last trading day of CS REF PropertyPlus is August 31, 2016. As of September 1, 2016, the existing as well as the new units of CS REF Green Property will be traded on the SIX Swiss Exchange under security number 10 077 844.

Sustainability remains an investment criterion

CS REF PropertyPlus was launched in 2004 as a new construction fund. It invested in properties with commercial use, mixed-use buildings and residential buildings in economically attractive locations in Switzerland.

CS REF Green Property, launched in 2009, invests in high-quality and sustainable new construction projects in strong Swiss economic regions. The aim is for properties and projects to meet the requirements of greenproperty, the seal of approval for sustainable real estate. Since 2010, CS REF PropertyPlus has been pursuing the same goal and also aims for new buildings to receive the greenproperty seal of approval. These sustainability requirements are to be maintained even after the two funds have merged. (ah)