Credit Suisse commercial property fund to liquidate


ZURICH: A Credit Suisse Group global property fund will wind down against the backdrop of low trading volume and a discount of more than 20% to underlying assets due to market corrections triggered by the Covid-19 pandemic, the Swiss bank said.

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

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

Trading in the fund units on the SIX Swiss Exchange has been suspended with immediate effect, and the units are being delisted, the statement added. — Reuters

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