CS REF International suffers from interest rate turnaround

Credit Suisse Funds AG expects a valuation adjustment for Credit Suisse Real Estate Fund International (CS REF International): according to the fund company, the fund's net asset value will be reduced to between CHF 960 and CHF 970 as of December 31, 2022, based on unaudited figures. The end-of-year valuation at the end of 2021 was still CHF 1,070.72. The fund's financial results will be announced on March 23.

Global valuations were negatively impacted by rising interest rates in key CS REF International markets such as the US, UK and Germany, Credit Suisse said. Despite good leasing results at attractive conditions, the negative impact of higher interest rates outweighed the negative impact, it said.

The distribution will fall from CHF 40 per unit in the previous year to between CHF 35 and CHF 38 now, Credit Suisse further announces. By the end of the year, redemption requests had been received in the amount of 13.3 % of the units issued. (ah)