CS REF Global is dissolved
Credit Suisse is liquidating the real estate fund Credit Suisse Real Estate Fund Global. The properties of the fund will be transferred to CS REF International.
As announced by Credit Suisse on November 30, 2020, the fund management company will initiate the liquidation of Credit Suisse Real Estate Fund Global (CS REF Global) on that date. Trading of fund units on the SIX Swiss Exchange has been discontinued with immediate effect; the units will be delisted.
Reasons for the fund's liquidation include low trading volumes and the resulting discount of more than 20% due to the market corrections that Covid-19 triggered in markets worldwide, Credit Suisse said. The fund's performance was at odds with the "fundamentally high location and property quality of the underlying real estate portfolio," it added.
The CS REF Global portfolio consists of twelve high-quality commercial properties in the Americas, Asia Pacific and Europe. The properties are acquired through Credit Suisse Real Estate Fund International (CS REF International). The transfer value is to correspond to the market value of the individual properties as estimated by the accredited valuation experts. In addition, the market conformity of the price as well as the transaction costs will be examined and confirmed by an independent valuation expert. The liquidation proceeds will subsequently be paid out to the investors.
