Credit score Suisse business actual property fund for liquidation at a big low cost

© Reuters. FILE PHOTO: The logo of the Swiss bank Credit Suisse can be seen in Zurich

ZURICH (Reuters) – A Swiss credit (SIX 🙂 The group’s global real estate fund will unwind against a backdrop of low trading volume and a discount of more than 20% on underlying assets due to market corrections due to the COVID-19 pandemic, the Swiss bank said.

“The fund management company has decided to liquidate the Credit Suisse Real Estate Fund Global, also because of the trading discount that has arisen on the stock exchange,” she said.

The properties held by the real estate fund are to be transferred to Credit Suisse Real Estate Fund International in the first half of 2021, and the liquidation proceeds will be paid out to investors, according to the bank.

Trading in the fund units on the SIX Swiss Exchange has ceased with immediate effect and the units will be delisted, it said.

“The fund’s performance no longer reflects the fundamentally high location and asset quality of the underlying real estate portfolio,” which consisted of 12 prime commercial properties in America, Asia-Pacific and Europe.

Credit Suisse Real Estate Fund International will acquire the real estate, the transfer value of which will be determined by valuation experts and independently confirmed, according to the bank.

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