Credit Suisse Asset Management has announced that its open-ended CS Euroreal fund has divested an office building located at Via Pergolesi 25 in central Milan, Northern Italy, to Italian REIT Beni Stabili. The property, which was worth EUR 22 mln according to the latest appraisal, was disposed for EUR 25 mln.
Credit Suisse Asset Management has announced that its open-ended CS Euroreal fund has divested an office building located at Via Pergolesi 25 in central Milan, Northern Italy, to Italian REIT Beni Stabili. The property, which was worth EUR 22 mln according to the latest appraisal, was disposed for EUR 25 mln.
It is the fifth asset sold above market value by the CS Euroreal fund. The latest sale further increases the liquidity of the fund with the aim of preparing CS Euroreal for re-opening to withdrawals.
'With this transaction we realize again an excellent performance for our investors. The deal is also another milestone for the reopening of our funds,' said Karl-Heinz Heuß, Managing director at Credit Suisse Asset Management.
The building was bought by Credit Suisse back in 1999, and provides 7,050 m2 of almost fully-let lettable area as well as 45 parking spaces.
In late 2010 CS Euroreal also sold the Schloss-Arkaden mall to German fund manager Deka for over EUR 228 mln, a 9,764-m2 property in Suresnes, in the Paris metropolitan area, to the French fund manager Viveris Reim, as well as two additional properties in Paris to Allianz Real Estate.
'We are currently negotiating further sales to create the necessary liquidity to enable us to re-open CS Euroreal soon for redemptions,' Heuß added. Following the sale, the fund has a property portfolio consisting of 109 assets in 11 European countries.
