CS real estate funds come through the Corona crisis well
Credit Suisse Funds AG is satisfied with the performance of its funds CS 1a Immo PK, CS REF Interswiss, CS REF Logisticsplus and CS REF Siat despite the Corona pandemic. For Logisticsplus, a capital increase will be examined in the first quarter of 2021.
CS 1a Immo PK with 5.2% investment return
Credit Suisse 1a Immo PK (CS 1a Immo PK) closed the financial year as of September 30, 2020 with an investment return of 5.2%, slightly below the previous year's figure of 5.3%. The fair value of the properties increased from around CHF 4.2 million to CHF 4.5 million.
The rental loss rate was 8.4% compared to 5.9% in the previous year. According to Credit Suisse, the increase is mainly due to completed refurbishments and reclassifications such as the "Leonardo" property in Zurich, as well as a temporary vacancy in a logistics property in Geneva. The Covid 19 pandemic has had little impact on the fund's rental income so far, with the fund's rent abatements reportedly amounting to 1.7% of rental income in the past fiscal year. The distribution remains stable at CHF50.00 per unit.
CS REF Interswiss yields 8.6%
Credit Suisse Real Estate Fund Interswiss (CS REF Interswiss) increased its investment return from 5.9% to 8.6% in the past financial year. According to Credit Suisse, the market value of the properties remained stable at around 2.42 million despite four sales. The fund's rent forgiveness due to the Corona pandemic reportedly amounts to 2.0% of rental income. The distribution will be reduced from CHF8.40 to CHF7.60. Performance was -3.9% in the past fiscal year, compared to 17.9% in the previous year. This was due in particular to a premium reduction from 12.9% to 0.7 %, Credit Suisse said.
CS REF Logisticsplus expands portfolio
Due to acquisitions and the realization of two new construction projects, Credit Suisse Real Estate Fund Logisticsplus (CS REF Logisticsplus) has significantly increased the market value of its properties: from 444.6 to 643.9 million. The Covid 19 pandemic has hardly affected the fund's rental income: 0.02% of rental income was forgiven in the past fiscal year, according to Credit Suisse. The fund's distribution remains unchanged at CHF3.90.
The Fund's performance for the 2019/20 fiscal year was 24.2%, while the benchmark SXI Real Estate Funds Broad had a performance of 8.2%.
Due to the still attractive market environment for logistics real estate, the fund management is examining the execution of an issue in the range between 130 and 180 million for the first quarter of 2021, informs the fund management. In March 2020, the fund had already increased its equity by 107.1 million.
CS REF Siat with 6.0% investment return
Credit Suisse Real Estate Fund Siat (CS REF Siat) holds properties with a fair value of 3.48 million in its portfolio as of September 30, 2020 (previous year: 3.30 million). At the time of issuance in September 2020, the fund received new money in the amount of 155.4 million. The investment return was 6.0% compared to 7.6% in the previous year. The performance of CS REF Siat in fiscal year 2019/20 was 10.3 %.
The fund's rent reductions due to the Corona pandemic amount to 0.5% of the rental income. The distribution decreases from CHF 5.40 to CHF 5.20 per unit. (ah)
