Credit Suisse launches new open-ended fund
Credit Suisse has launched another open-ended real estate fund for private German investors. The “CS ImmoTrend Europa” also addresses institutional investors and will be acquiring mainly retail, office, and logistics assets across Europe. To start, the fund is buying an office building in Erfurt and a hotel/retail property in Aachen for a total of €47mn. “We are envisioning a German portion of about 40 % long-term,” says Alexander Tannenbaum, who joined the investment firm of Credit Suisse Asset Management as Head of Real Estate Germany from Universal Investment in February. If things go well in the markets, Credit Suisse believes it will be able to find suitable investments of up to €1.5bn over the next 5 years. Tannenbaum intends to achieve yields of 3.0 to 3.5 % for his investors by acquiring properties with modern energy and utilization concepts. “We want to build on the excellent reputation we earned recently for settling the CS Euroreal,” he adds. The firm’s former flagship fund, closed since 2011, is not yet completely sold off, but according to Tannenbaum is one of the five OIFs in settlement with the highest value retention.
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