News CS REF International: New Capital from Recent Subscription Already Invested
After a successful capital increase in June 2018, the capital raised for the Credit Suisse Real Estate Fund International has been largely invested in two properties in Dublin (IRE) and Frankfurt (GER). These properties promise to fit well into the existing portfolio, help advance the fund's goals and contribute to its performance.
The New Century House, let to the Bank of Ireland, is situated in the heart of Dublin's downtown business district. With this CHF 76 million deal, we were able to acquire yet another fully occupied quality property in an outstanding location. Dublin continues to be one of the most dynamic business centers in Europe.
In collaboration with a German institutional investor, we acquired the office building at Theodor-Stern-Kai 1 in Frankfurt. Built in 2002, this high-quality property is fully let with long-term contracts, the main tenant being a large German insurance company. This is another example of stable occupancy, great location and good profitability, making it an excellent fit for the fund.
Investing an inflow of new assets quickly and efficiently must be the goal of any real estate fund. These two properties have enabled us to put the majority of the capital raised to work shortly after the subscription period closed.
In addition, our recently completed landmark building, The Exchange in Vancouver, is now fully leased to a diverse mix of high-quality tenants.