CS 1a Immo PK intends to discontinue over-the-counter trading
The real estate fund is to be converted to a net asset value-based fund at the end of March.
Credit Suisse Funds AG plans to convert the Credit Suisse 1a Immo PK (CS 1a Immo PK) real estate fund to a net asset value-based (NAV-based) fund as of March 31 of this year. This means that over-the-counter trading will be discontinued from this date, CS announced. An application to this effect has been submitted to the Swiss Financial Market Supervisory Authority Finma and approval is still pending.
According to Credit Suisse, the existing over-the-counter trading has increasingly failed to meet the expectations of investors and the fund management company in recent years. The conditions for the issue and redemption of units remain unchanged. It is also examining the possibility of providing a brokerage service for fund units.
Due to the planned conversion, the market values of the fund properties have been reviewed. According to CS, the values of the annual financial statements as of September 30, 2023 have been confirmed for the entire portfolio.
An IPO had previously been planned
Credit Suisse Funds recently planned to float the real estate fund on the stock exchange in the fourth quarter of 2023. However, the fund company ultimately decided against this. One of the reasons given for the withdrawal was the lower trading volume on the market for listed Swiss real estate funds, which would lead to significantly higher volatility if the fund were listed on the stock exchange. (ah)
