CS REF Hospitality increases distribution
The real estate fund Credit Suisse Real Estate Fund Hospitality (CS REF Hospitality) is increasing its distribution as planned to at least CHF 3.10/unit as of December 31, Credit Suisse Funds AG has announced.
The reason for this is that the fund's forecast annual result is "in line with expectations". Credit Suisse Funds AG continues to refrain from redeeming terminated unit certificates early. Canceled unit certificates will therefore not be redeemed until April 2019 at the earliest. In order to support the repositioning of CS REF Hospitality, the management fee will also be reduced by 50 percent in the coming year, according to the statement. This should "further improve the cash flow situation of the real estate fund".
Credit Suisse Funds and Credit Suisse Asset Management are examining various options for the future direction and positioning of the fund. The sustainable safeguarding of cash flow and the streamlining of the real estate portfolio are also on the agenda. However, the "Montreux Palace" hotel has not yet been sold as planned. According to the fund management company, it is currently examining various purchase offers and other alternatives.
The valuation mandate will be transferred to Wüest Partner at the end of the year due to the fact that the previous accredited valuers of the real estate fund have left the company.
