SWITZERLAND - Credit Suisse Asset Management (CSAM) has launched the first Swiss real estate fund to invest in non-domestic real estate.
Credit Suisse Real Estate Fund International (CS REF International) will acquire commercial-use real estate in selected markets across Europe and North America, CSAM said.
Investments in the Asia Pacific region are planned for the future.
“The fund makes use of the low correlation that real estate has with equities, bonds and Swiss real estate,” commented Daniel Tochtermann product manager, CS REF International.
“Adding CS REF International to the portfolio mix is an excellent means of diversification.
“With well diversified international real estate investments, our clients can participate in the different real estate cycles across individual economic regions, thereby reducing their risk by 10-20%.”
As the fund will hedge most of its currency risk, it will not have significant exposure to currency fluctuations, CSAM explained.
The fund is targeting long-term CHF returns of 5-6% annually.
CSAM is the institutional and mutual fund asset management arm of Credit Suisse First Boston and has US$335.6bn in assets under management, as at June 30, 2004.
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