Credit Suisse property funds acquire debut Polish and South Korean assets
Credit Suisse Asset Management (CSAM) has strengthened its international presence, acquiring the first Polish and South Korea assets on behalf of its real estate funds.
The manager said its real estate funds have acquired two office and retail properties – Ethos and Astoria – in Warsaw, and one of its funds has also ventured into the South Korean commercial property market by purchasing two dry-storage warehouses in Seoul.
The five-story Ethos building, comprising 13,000sqm of office space and 4,500sqm of retailing was acquired by a CSAM real estate fund. Two CSAM real estate funds acquired Astoria, a 10-story 8,000sqm office building.
Financial details were undisclosed.
Marc-Oliver Tschabold, fund manager at Credit Suisse Asset Management global real estate, said: “These two prestigious buildings in Poland are characterised by sustainable, high-quality construction and are in very attractive locations.
“Furthermore, Poland is a dynamic, liquid real estate market with an annual transaction volume of more than CHF7bn (€6.3bn).”
Christoph Schumacher, head of global real estate at Credit Suisse Asset Management, said: “Logistics properties in South Korea offer an attractive yield pickup over office real estate that is hard to find in Western markets today.
“Moreover, the growing third-party logistics market in South Korea and the tight supply of suitable warehouses in the Seoul Capital Area look destined to fuel further rental income increases in the future.”
Tschabold said the acquisition of a total of four properties in Poland and South Korea is consistent with the firm’s strategy of further strengthening its real estate asset allocation in growing real estate markets.