CS REF International increases its capital
The real estate fund Credit Suisse Real Estate Fund International (CS REF International) is conducting a capital increase of up to CHF 395.7 million from June 4 to 15, 2018.
In March of this year, the fund management held out the prospect of the issue - now it is certain that it will be carried out. The properties of CS REF International have been revalued for the capital increase, taking into account changes in value from ongoing construction projects and renovations, acquisitions and sales of properties, as well as current income for the period from January 1 to June 22, 2018, Credit Suisse says.
The new estimate reportedly results in a new net asset value of CHF 1083.09 per unit as of June 22, 2018. The issue price is 1,100.00 net per new unit and includes an issue commission of 1.5 percent.
The issue will be carried out on a commission basis ("best-effort basis") as part of a rights offering in Switzerland. Each existing share will be allocated one subscription right, and seven subscription rights will entitle the holder to subscribe for one new share. A regular, off-exchange trading of subscription rights will take place from June 4 to 13, 2018 via Credit Suisse.
The actual number of new shares will be announced on June 20 - unsubscribed shares may not be issued, which would change the issue amount. The payment will take place on June 22, 2018.
The proceeds from the capital increase will be used to expand and diversify the real estate portfolio. CS REF International invests directly in real estate worldwide, with an investment focus on high-quality commercial properties in Europe, the Asia-Pacific region and North, Central and South America.
