Credit Suisse has announced that its PropertyPlus fund has raised CHF 304 mln (EUR 204 mln) in new funds through a rights issue and that all the fund's units will be listed on the SIX Swiss Exchange on 19 November 2008.
Credit Suisse has announced that its PropertyPlus fund has raised CHF 304 mln (EUR 204 mln) in new funds through a rights issue and that all the fund's units will be listed on the SIX Swiss Exchange on 19 November 2008.
Credit Suisse Real Estate Fund PropertyPlus (CS REF PropertyPlus) will use the new funds to expand the portfolio, leaving it fully invested by the end of the financial year 2008. Debt will also be repaid.
The fund was established in December 2004 to invest in high-quality construction projects in and around major Swiss cities. It is restricted to institutional investors and has up to now not been listed on the stock exchange. At end-September, the fund had CHF 923 mln (EUR 620 mln) in real estate assets and a 7.31% net performance per annum over the last three years, compared to 1.72% for the benchmark.
