New CS fund invests in Amsterdam
Credit Suisse Real Estate Investment Management has acquired its first property for the newly launched Credit Suisse (Lux) European Climate Value Property Fund - an office building in Amsterdam.
According to CS, the purchase price was 17 million euros. The Ydek Building was constructed in 2012, it has a leasable area of almost 5,500 sqm and 47 parking spaces. The entire building is leased on a long-term basis to the communications and media consultancy Dentsu Aegis.
The property is located at Moermanskkade 73 in the Houthavens submarket, popular with the creative industry, near the center of Amsterdam. The waterfront, which was built in 1876 along with the North Sea Canal as the first artificial harbor in the west of the city, is currently being developed into a mixed-use area and therefore offers further development potential, CS writes in a statement.
The property is certified with the British BREEAM "very good" seal of approval for sustainable construction. "The property offers stable rental income and also potential for reducing energy consumption. It therefore perfectly meets the investment criteria of our new sustainability fund," says Frank Schäfer, Managing Director of Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH.
The Credit Suisse (Lux) European Climate Value Property Fund was launched in April 2016 and is aimed at qualified investors. Investments are broadly diversified in well-let existing commercial properties in Europe that generate sustainably stable rents and distributions. In addition, CS aims to reduce CO2 emissions and energy consumption of the buildings in a cost-efficient way with only minor investments. This strengthens the attractiveness and competitiveness of the properties and creates a win-win situation for tenants and investors, who are increasingly paying attention to sustainability aspects, Credit Suisse says.
The remaining CO2 emissions that cannot be reduced are to be offset at the end of each year by the purchase of CO2 certificates. The costs for this will be borne by Credit Suisse Real Estate Investment Management and not by the fund.
Award for sustainable real estate
Credit Suisse Real Estate Investment Management recently received the 2016 GRESB Global Sector Leader Award, recognizing it as a global leader in sustainable real estate from Global Real Estate Sustainability Benchmark (GRESB). In addition, Real Estate Investment Management received three top rankings in Europe and 14 Green Star Awards for its participating funds.
GRESB produces an annual global ranking of the real estate funds and real estate companies that are most committed to environmental, social and governance issues. Quantitative and qualitative information is collected on the company, its annual performance and target achievement with regard to all topics relevant to sustainability. The aim is both to increase transparency for investors and to establish sustainable management in the real estate industry. (ah)
