Credit Suisse considers conversion of International Fund to NAV-based product
The conversion would result in the discontinuation of over-the-counter trading at Credit Suisse Real Estate Fund International and the simultaneous introduction of a brokerage service for fund units.
The changeover would meet existing client needs, Credit Suisse writes in a press release. However, the measure is subject to the approval of all internal bodies as well as the financial market supervisory authority Finma. It is planned to be implemented in 2023, and the OTC trading that exists today would be replaced by the brokerage of fund units among investors or future investors. CS will announce further information in March at the latest, when the annual financial statements will be published.
The CS REF International portfolio has 54 properties invested in 11 countries. "Although the fund pursues a low-risk core/core+ strategy, it cannot escape the current difficult developments on the global real estate markets," CS writes. On the leasing side, however, the year has been encouraging, it says. In addition, the portfolio, which is predominantly equipped with indexed leases, offers partial inflation protection. (aw)
