Credit Suisse funds keep distribution stable

Credit Suisse 1a Immo PK closed the fiscal year ended September 30, 2019, with an investment return of 5.3%, according to Credit Suisse Funds. This compares to 5.1% in the previous year. As in the previous year, the fund distributes CHF 50 per unit.

The fair value of the properties increased from around CHF 3.8 billion to just under CHF 4.2 billion, mainly due to acquisitions: The fund acquired portfolio properties worth 208.6 million as well as the real estate projects Parc du Simplon in Renens (VD) for 141.1 million and Valle Maggia Center in Locarno (TI) for 28.4 million. The debt financing ratio increased from 5.4% in the previous year to 11.4%.

The lease default rate increased slightly from 5.8% to 5.9%; the remaining term of fixed commercial leases (WAULT) increased from 4.5 to 4.7 years.

CS REF Interswiss with 5.9% investment return

CS REF Interswiss increased its investment return year-on-year from 4.8% to 5.9%. The fair value of the properties increased from CHF 2.3 billion to CHF 2.4 billion, and rental income rose from CHF 107.4 million to CHF 109.1 million.

As of July 1, 2019, the fund acquired a "virtually fully leased" commercial property in Crissier (VD) with a WAULT of approximately ten years, according to the release.

The distribution remains at the previous year's level of CHF 8.40. The performance in fiscal year 2018/19 was 17.9%, compared to -2.8% in the previous year.

Logisticsplus with a performance

from 15.4%

CS REF Logisticsplus achieved a performance of 15.4% in the past financial year. The portfolio had a fair value of CHF 444.6 million as of the balance sheet date, compared to CHF 401.9 million in the previous year - an increase of around 11%.

Rental income increased by 17,,5% from 19.4 to 22.8 million. The distribution remains unchanged at 3.90.

In the past fiscal year, the fund purchased a logistics property in the Zurich airport region with a rental area of around 13,800 square meters; the property has a fixed lease for 15 years. In addition, construction work began on a parking garage project at the Kunstmuseum in Basel.

Siat with 7.6% investment return

The fair value of the CS REF Siat properties was around CHF 3.3 billion as of the balance sheet date, compared with CHF 3.0 billion in the previous year. Credit Suisse puts the good investment return at 7.6%, compared with 5.3% in the previous year. The distribution remains unchanged at CHF 5.40 per unit.

Rental income increased in fiscal year 2018/19 from 136.6 to 140.7 million.

The Bâleo Erlenmatt project in Basel, in which the fund holds a one-third stake, was completed as of May 1, 2019. As of the end of October 2019, 276 of the 311 apartments (88%) were leased. Of the 7,400 sqm of retail and office space, 5,500 sqm or 74% are leased on a medium to long-term basis. (ah)