CS 1a Immo PK to discontinue over-the-counter trading soon
At the end of March, the Credit Suisse real estate fund will be converted to a net asset value-based fund. The financial supervisory authority has now approved this step.
Credit Suisse Funds AG is converting the Credit Suisse 1a Immo PK (CS 1a Immo PK) real estate fund to a net asset value-based (NAV-based) fund on March 31, which also marks the end of over-the-counter trading. The last day of trading will be March 28, according to CS. A corresponding application has now been approved by the financial supervisory authority Finma.
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. The possibility of providing a brokerage service for fund units is still being examined.
The fair values of the fund properties were reviewed as part of the planned changeover. According to CS, the values of the annual financial statements as at September 30, 2023 were confirmed for the entire portfolio. As at March 31, 2024, the indicative NAV was CHF 1,254.18 per unit. The NAV as at September 30, 2023, less the distribution, was CHF 1,226.59 per unit.
An IPO had previously been planned
Credit Suisse Funds had actually 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)
