Media launch
Monetary statements of Credit score Suisse Actual Property Fund Worldwide as of December 31, 2022
Zurich, March 23, 2023 – As already indicated on February 24, 2023, the online asset worth (NAV) per unit of the Credit score Suisse Actual Property Fund Worldwide actual property portfolio decreased from CHF 1,070.72 to CHF 961.39 through the fiscal yr ending December 31, 2022. The distribution per unit was decreased to CHF 35.00. Within the present 2023 monetary yr, the aim is to transform the fund right into a NAV-based product.
Consistent with developments in its underlying international actual property markets, Credit score Suisse Actual Property Fund Worldwide (CS REF Worldwide, securities no. 1968511) reported an funding return of −6.8% (earlier yr: 3.5%) for the 2022 monetary yr. Particularly, devaluations of current properties within the US, the UK, the Netherlands, and Poland, along with the sale of three properties in Chile, which have been not according to the technique, led to the lower of the properties’ market worth to CHF 3,675.0 mn (earlier yr: CHF 4,205.5 mn). The common actual low cost price rose from 4.37% to 4.51%. The speed of lack of rental revenue amounted to eight.5% (earlier yr: 8.0%). The distribution per unit fell to CHF 35.00 (earlier yr: CHF 40.00), with the direct yield totaling 4.5% (earlier yr: 3.8%). The debt ratio was 26.7% (earlier yr: 25.7%). The currencies within the assertion of internet property have been 95% hedged by way of foreign-exchange forwards in an effort to mitigate foreign money fluctuation threat. Final yr’s low cost of −1.5% grew to −18.9%, as Swiss actual property funds’ valuations corrected within the face of rising rates of interest. Accordingly, this resulted in a efficiency of −23.1% which fell in need of the Swiss benchmark (SXI Actual Property Funds Broad: −15.2%). As of December 31, 2022, redemptions have been obtained for 407,787 models, representing 13.3% of the models excellent. The redeemed models are anticipated to be transformed in April 2024, topic to the usual discover interval.
With the profitable sale of three properties in Chile, CS REF Worldwide decreased its actual property portfolio to 54 properties in monetary yr 2022. In Brisbane, the brand new building venture “Jubilee Place” was completed in March 2022, and in Dublin the entire overhaul of the industrial “Dockline” property was efficiently concluded and was honored with the NetZero award. Each properties are almost totally leased out at good situations. In each Seattle and Frankfurt, the emptiness price was dramatically decreased; corresponding rental agreements start in monetary yr 2023. CS REF Worldwide participated within the international sustainability benchmarking GRESB and earned 4 out of a doable 5 stars, putting it forward of the benchmark.
Preparations are superior to transform the fund right into a NAV-based product. The conversion of the fund is predicted to happen within the second half of 2023, topic to the approval of all inner our bodies and the Swiss Monetary Market Supervisory Authority FINMA.
Key figures on web page 2
Media launch
Key figures of CS REF Worldwide (securities no. 1968511)
|
Fiscal yr concluded |
31.12.2022 |
31.12.2021 |
31.12.2020 |
|
|
Truthful worth of the actual property |
CHF |
3,675.0 mn |
4,205.5 mn |
4,033.8 mn |
|
Debt ratio as % of truthful values¹ |
26.70% |
25.69% |
23.72% |
|
|
Internet asset worth per unit (incl. distribution) |
CHF |
961.39 |
1’070.72 |
1’074.56 |
|
Closing value (bid value) |
CHF |
780.00 |
1’055.00 |
1’040.00 |
|
Low cost |
−18.87% |
-1.47% |
-3.22% |
|
|
Distribution |
CHF |
35.002 |
40.00 |
40.00 |
|
Distribution yield |
4.49% |
3.79% |
3.85% |
|
|
Distribution ratio |
103.97% |
102.74% |
98.70% |
|
|
Performance3 |
−23.09% |
5.34% |
-8.85% |
|
|
Funding return |
−6.76% |
3.46% |
0.78% |
|
|
Return on fairness (ROE) |
−6.35% |
3.37% |
0.78% |
|
|
Return on invested capital (ROIC) |
−4.19% |
2.98% |
1.14% |
|
|
Working revenue margin (EBIT margin) |
65.53% |
68.74% |
69.39% |
|
|
Whole working expense ratio GAV (TERREF GAV) |
0.90% |
0.84% |
0.87% |
|
|
Whole working expense ratio MV (TERREF MV) |
1.44% |
1.16% |
1.15% |
|
|
Rental revenue |
CHF |
212.1 mn |
229.7 mn |
227.5 mn |
|
Price of lack of rental revenue |
8.54% |
7.95% |
6.01% |
Most permissible borrowing: one-third of the market values (CISA Artwork. 65 para. 2 / CISO Artwork. 96 para. 1).
Worth date of distribution: March 31, 2023 (ex-date: March 29, 2023).
Historic efficiency and monetary market eventualities will not be dependable indicators of future outcomes.
Information supply: Credit score Suisse, in any other case specified.
Annual andsemi-annualreports can be found at credit-suisse.com/amfunds/csrefinternational
Extra data
Additional Data
Contact for media:
Media Relations Credit score Suisse AG, +41 844 33 88 44, media.relations@credit-suisse.com
Contact for buyers:
Ulrich Braun, Head of Product and Enterprise Improvement, Credit score Suisse Asset Administration (Switzerland) Ltd., Tel. +41 44 332 58 08, ulrich.braun@credit-suisse.com
Credit score Suisse Asset Administration (Switzerland) Ltd.
Credit score Suisse Asset Administration (Switzerland) Ltd. kinds a part of the Asset Administration division of Credit score Suisse Group. Asset Administration manages property price CHF 402.4 bn worldwide (as of December 31, 2022). Primarily based on the worldwide market presence of Credit score Suisse Group, Asset Administration provides lively and passive options for conventional and different investments in addition to devoted product experience in Switzerland, EMEA, APAC, and the Americas. Nice significance is hooked up to sustainability. We provide a wide array of lively and passive funding funds which might be aligned with the Credit score Suisse Sustainable Funding Framework, or replicate a sustainable index. In doing so, we pursue differing approaches wherein environmental, social, and governance standards (ESG standards) are utilized at varied factors within the funding course of.
Disclaimer
This doc has been produced by Credit score Suisse. The opinions expressed herein are these of Credit score Suisse on the time of writing and are topic to alter at any time. It has been ready solely for data functions and for the usage of the recipient. It does
Media launch
not represent a suggestion or an invite by or on behalf of Credit score Suisse to any individual to purchase or promote any safety. Any reference to previous efficiency is just not essentially a information to the long run. The data and evaluation contained on this publication have been compiled or arrived at from sources believed to be dependable, however Credit score Suisse doesn’t make any illustration as to their accuracy or completeness and doesn’t settle for legal responsibility for any loss arising from the use hereof.
If nothing is indicated on the contrary, all figures are unaudited. The data offered herein is for the unique use of the recipient. Neither this data nor any copy thereof could also be despatched to, taken into, or distributed in the USA or distributed to any US individual (as outlined in Regulation S of the US Securities Act of 1933, as amended).
Tax therapy is determined by the person circumstances of every consumer and could also be topic to alter sooner or later. Credit score Suisse doesn’t provide tax recommendation. Tax features weren’t taken into consideration within the calculation of the return.
The Credit score Suisse Actual Property Fund Worldwide is an funding fund established underneath Swiss legislation within the class of “actual property funds,” in accordance with the Swiss Federal Act of June 23, 2006, on Collective Funding Schemes (CISA), for certified buyers, as outlined in Article 10(3) and (4), along side Article 4(3-5) and Article 5(1) and (4) of the Swiss Federal Act on Monetary Providers of June 15, 2018 (FinSA), in addition to for certified buyers throughout the that means of Article 10(3ter) CISA. The fund administration firm is Credit score Suisse Funds AG, Zurich. Credit score Suisse (Switzerland) Ltd., Zurich, is the custodian financial institution. Subscriptions are solely legitimate on the idea of the present gross sales prospectus with built-in fund contract, the Key Data Doc, and the newest annual report (or semi-annual report if newer). The gross sales prospectus with built-in fund contract, the Key Data Doc, and the annual and semiannual reviews could also be obtained freed from cost from the fund administration firm or from any department of Credit score Suisse (Switzerland) Ltd. in Switzerland.
The first dangers related to actual property investments embody the restricted liquidity in the actual property market, fluctuations in mortgage rates of interest, subjective valuation of properties, and inherent dangers referring to the development of buildings in addition to environmental dangers (e.g. floor contamination).
Copyright © 2023 CREDIT SUISSE GROUP AG and/or its affiliate firms. All rights reserved.
Comments