CS REF International seeks fresh capital
The real estate fund Credit Suisse Real Estate Fund (CS REF) International has announced a capital increase of up to CHF 196.9 million.
The issue is to be carried out from June 5 to 19, and each existing unit will be allocated one subscription right. 16 subscription rights entitle the holder to subscribe to one new unit, Credit Suisse said. A regular, over-the-counter rights trading will take place from June 5 to 17. On June 21, 2019, the effective number of new units to be issued will be announced. The payment will then take place on June 26, 2019.
A total of up to 179,847 new shares will be issued at a price per share of CHF 1,095.00 net each, including a commission of 1.5%. According to Credit Suisse, the net asset value is CHF 1,078.25 per unit. Units not subscribed will not be issued, if any.
The fund plans to use the fresh money to expand and diversify its real estate portfolio. In April, CS REF International acquired a fully leased office property in Manchester, and contracts were also signed for the purchase of four other properties in South Korea and Poland, Credit Suisse said.
CS REF International invests directly in real estate worldwide, with an investment focus on commercially used, good quality properties in attractive locations in the Americas, Asia Pacific and Europe (excluding Switzerland). (ah)
