CS Euroreal sells €315m of European assets at 6.5% discount

Credit Suisse's CS Euroreal open-ended real estate fund in liquidation has divested six properties across Europe for a total of €315 mln.

The assets were sold at an average discount of 6.5% to their latest appraised value of €337 mln, the Swiss fund manager said in a statement.

Three of the assets were logistics facilities in Darmstadt, Bremen and Hannover-Langenhagen. Credit Suisse said the assets were bought by an unnamed American investment company for around €105 mln. Blackstone is believed to be the buyer of the properties, according to German press reports.

In addition, the fund sold the 14,000 m2 Nordstaden property in Gothenburg, Sweden to a local pension fund, the Quatuor-Gerland office scheme in Lyon to a French bank and the 15,000 m2 Corn Exchange office building in London to an unnamed Asian investor.