CS REF International invests in Poland and Korea
Credit Suisse Real Estate Fund International (CS REF International) has acquired two mixed-use buildings in the Polish capital of Warsaw and two logistics properties in the Seoul metropolitan area.
The properties in Poland acquired by Credit Suisse Asset Management Global Real Estate are the Ethos and Astoria office and retail properties in Warsaw.
Ehtos is located in the Central Business District (CBD) of the Polish capital. The five-story building has 13,000 sqm of office space, 4,500 sqm of retail space and parking facilities. The property was built in 1998 and completely renovated in 2016/17; it has been awarded BREEAM's "Excellent" certification. According to Credit Suisse, Ethos is almost fully leased.
Also in Warsaw's CBD is the ten-story Astoria premium office building. It has 18,000 sqm of office space, around 1,000 sqm of retail space on the first floor, an underground parking garage, landscaped terraces on the eighth and ninth floors, and a rotating LED display on the roof. The property has LEED Platinum certification. Credit Suisse Asset Management Global Real Estate has selected the Astoria for the
CS REF International and Credit Suisse (Lux) European Core Property Fund Plus, another internationally investing real estate fund for qualified investors.
The two buildings in Poland were characterized by sustainable, first-class construction and very attractive locations, says Marc-Oliver Tschabold, fund manager of CS REF International. "Furthermore, Poland is a dynamic, liquid real estate market with an annual turnover of more than CHF 7 billion," Tschabold says.
Market entry in South Korea
Credit Suisse Asset Management Global Real Estate has also entered the South Korean commercial real estate market with the purchase of two dry storage warehouses in the Seoul Capital Area - the country's main logistics center - for CS REF International.
completed. The acquired "Grade A" warehouse Icheon 2 DC offers a floor space of almost 50,000 sqm and the "Grade A-" warehouse DC Moga has a floor space of around 36,400 sqm The two properties serve as so-called last-mile warehouses and, according to Credit Suisse, are 100% to external logistics companies
rented.
Logistics properties in South Korea offer an attractive yield advantage over office properties, which is hard to find in Western markets today. The growing market for external logistics in South Korea and the short supply of suitable warehouses in the Seoul metropolitan region seem predestined to generate higher rental income in the future, says Christoph Schumacher, head of global real estate at Credit Suisse Asset Management. (ah)
