Credit Suisse in final talks to sell retail portfolio for €147m

Credit Suisse Asset Management is in advanced negotiations to sell a retail portfolio in Germany for €147 mln, slightly above the assets' latest appraised value.

The assets, which are owned by the group's CS Euroreal fund, include Trier Galerie, a 20,000 m2 shopping centre near Luxembourg built in 2008, as well as the 13,330 m2 Kaufhof Galeria department store in Berlin-Lichtenberg and a 18,000 m2 retail warehouse in Coburg.

Credit Suisse did not disclose the name of the buyer but said it is a German investment company acting on behalf of a real estate fund for institutional investors.

Credit Suisse AM will continue to provide advisory and asset management services for the portfolio.

The deal, which is expected to be completed at the end of June or early July 2015, follows an agreement last month to sell the Odin office portfolio to European private equity firm Orion Capital Partners.

Orion is buying the 19-asset portfolio for €600 mln.

The disposals are part of the liquidation of Credit Suisse's open-ended funds, the €3.2 bn CS Euroreal and the smaller CS Property Dynamic.

Credit Suisse has until 30 April 2017 to liquidate CS Euroreal. The fund's German portfolio mainly includes office properties in Berlin, Frankfurt and Hamburg.