CS REF International to be liquidated
The fund management company UBS Fund Management is pulling the plug on the fund. The sale of the properties, which were still worth CHF 2.5 billion in the spring, will take years.
The fund management of UBS Fund Management has decided to dissolve the Credit Suisse Real Estate Fund International. According to a statement, the fund contract will be terminated with effect from September 15, subject to a one-month notice period. The issue and redemption of fund units will be discontinued with immediate effect and the ordinary liquidation of the investment fund has been initiated. "The liquidation of Credit Suisse Real Estate Fund International is the responsibility of the fund management company, which will conclude its liquidation activities with a final report (including liquidation balance sheet) to be audited by the auditing firm Ernst & Young AG, Basel," it says.
Due to the "currently limited liquidity of the real estate markets", the sale of the properties would probably "take several years".
The fund, which was set up under Swiss law, had recently been hit by high devaluations and massive redemptions. Against this backdrop, the fund management announced in March that the portfolio would be reduced from CHF 3.7 billion to CHF 2.5 billion within a year (IB reported). The previous year's investment return of -6.8 % deteriorated to -21.5 %. In November 2023, the fund was converted to a NAV-based product. (aw)
