Credit Suisse's CS Euroreal open-ended real estate fund has sold two properties in Dortmund, Germany and one asset in Lille, France in a bid to increase liquidity and meet investors' redemption demand.
Credit Suisse's CS Euroreal open-ended real estate fund has sold two properties in Dortmund, Germany and one asset in Lille, France in a bid to increase liquidity and meet investors' redemption demand.
In a statement on Tuesday, the fund said the sales have lifted its liquidity levels to roughly 23%, or EUR 1.4 bn, bringing it closer to a targeted reopening.
CS Euroreal has sold an office and commercial building at 67/83 Rue de Luxembourg in the northern French city of Lille to a local private investor for a price exceeding the asset's latest appraised value of EUR 9 mln. The building, with floor space of 3,280 m2, is located near the Lille Europe train station.
Additionally, CS Euroreal has disposed of a retail park and a DIY store in Dortmund to an unnamed British property company. The retail properties, with floor space of 12,200 m2 and 18,900 m2 respectively, have a value of EUR 18 mln and EUR 17 mln respectively.
Earlier this year, CS Euroreal completed the sale of the Schloss-Arkaden mall in Braunschweig and two larger office properties in Paris.
The fund, which has been closed since May 2010, said it will continue to build up liquidity in view of a long-term reopening. 'Additional sales of fund properties are in the planning stages and negotiations on some properties have already advanced significantly,' Credit Suisse said in a statement.
