Credit Suisse real estate funds present annual financial statements
As can be seen from the annual financial statements of the four Credit Suisse real estate funds, the investment returns of CS 1a Immo PK , CS REF Interswiss, CS REF LogisticsPlus and CS REF Siat developed differently.
CS 1a Immo PK closed the financial year with an investment return of 5.1 percent, compared with 4.94 percent in the previous year. The fair value of the properties increased from around CHF 3.80 million to CHF 3.83 million. The leverage ratio was 5.4 percent (previous year: 5.6 %). The rent default rate decreased from 7.6 to 5.8 percent. The distribution remains constant at CHF 50.00. With a fund operating expense ratio market value (TERREF MV) of 0.5 percent, CS 1a Immo PK is one of the lowest-cost real estate funds on the market, Credit Suisse reports.
CS REF Interswiss increased its investment return from 4.0 to 4.8 percent in the fiscal year; the distribution remains constant at CHF 8.40. Credit Suisse reports that the fund's overall performance was stable. In the summer, the Judging of the Neumatt study contract in Spreitenbach a milestone has been reached in this development project.
The investment return of CS REF LogisticsPlus fell slightly from 4.43 to 4.41 percent. On the occasion of the issue in September 2018, the fund received 127.2 million, which will be invested in the further expansion of the portfolio. As of September 30, 2018, the fair value of the portfolio was 401.9 million, which is about 25 percent higher than the fair value of the previous year (321.0 million). Additions include the Parking Kunstmuseum Basel project, which will have 350 parking spaces on four floors upon completion, and the Tramont Halle property at Eduard-Imhof-Strasse 6/8 in Zurich Oerlikon. The fund's rental income increased from 16.0 to 19.4 million. The distribution remains stable at CHF 3.90 in the completed 2017/18 financial year.
CS REF Siat closed the 2017/18 financial year with an investment return of 5.3 percent, compared with 5.51 percent in the previous year. The distribution remains stable at CHF 5.40 per unit. The market value of the fund's properties rose to over CHF three billion. According to Credit Suisse, the Giessenhof sub-project in Dübendorf got off to a successful start in the leasing phase during the past financial year. Of the 166 apartments, 112 have already been rented out and a further nine have been reserved. Another milestone of the Im Giessen project was the start of construction of the casting tower. Most of the space in this prominent building is leased to an operator of retirement residences. (ah)
