General Information

Credit Suisse 1a Immo PK 

The first tax-privileged real estate fund


Investment Policy

The Credit Suisse 1a Immo PK (CS 1a Immo PK) was launched in November 1999 as the first tax-privileged real estate fund. With the current issue, the fund is writing a new chapter in its success story. Zero-rated Swiss employee benefits institutions and social insurance and compensation funds are receiving the opportunity within the scope of this issue and subject to the protection of the subscription rights of existing investors to invest in the CS 1a Immo PK. The investment fund enables investors to participate in a top class, broadly diversified real estate portfolio and ideally combines the benefits of direct real estate investments as real asset investments with simultaneous participation in the capital market. At the end of September 2013 the market value of the portfolio of 116 properties amounted to CHF 3,233.4 million.

Investment Rationale

Professionally managed real estate funds such as CS 1a Immo PK have distinct advantages as opposed to direct investments in real estate:

High-Quality and Broadly Diversified Portfolio

As Switzerland's second largest fund*, the CS 1a Immo PK invests in high-quality business and residential buildings, mixed-use and commercial real estate and in new construction projects with potential for appreciation and a return on investment. The portfolio comprises modern, recently built properties and is broadly diversified in terms of location, utilization and tenant structure.

Tax Exemption

The fund is exempted from income tax and tax on capital at fund level (Art. 56, clause j of the Direct Federal Taxation Act). Compared with other real estate funds, the CS 1a Immo PK therefore enjoys significant tax privileges. The total expense ratio (TERREF GAV) of 0,58% (as of September 30, 2013) is attractive and well below the average for Swiss real estate funds of 0,80%.

Opportunities and Risks

The portfolio structure is optimized by active portfolio management and the targeted selection of properties. Both real estate funds and direct real estate investments are subject to fluctuations in revenue and value. Real estate funds benefit additionally from price opportunities, although price risks cannot be ruled out. Other risks include sensitivity to changes in supply and demand on the Swiss real estate market, environmental risks (including past contamination), amendments to laws or regulations, and possible conflicts of interest.

Professional Management

Active management of real estate and vacancy rates by qualified and experienced local specialists.


The security of the investment is increased by the broad diversification in terms of geographic location and type of property of the portfolio of 116 properties, including construction projects.


As there are no direct management costs and a professional management team can exploit many synergies, the costs of a real estate fund are usually lower than for real estate that is held directly.

Potential for Asset Appreciation

Participating in the capital market opens up additional potential for asset appreciation.

* as of 31.12.2013

Information Regarding the New Issue

Group of investors

The units may only be acquired by zero-rated Swiss employee benefits institutions and social insurance and compensation funds

Certification / safe custody requirement

There is a requirement for safe custody with Credit Suisse. 

Type of issue

The issue will be carried out on commission ('best effort basis') within the scope of a subscription offer in Switzerland. Non-subscribed units might not be issued, which would reduce the amount of the issue

Issue volume

Maximum CHF 228,1 Mio.

Subscription period

March 3 to 14, 2014, 12:00 noon (CET)

Subscription ratio 

Fourteen (14) old units entitle the investor to subscribe to one (1) new unit

Subscription rights trading

Official subscription rights trading will take place from March 3 to 13, 2014, 2:00 p.m. via Credit Suisse.*

Issue price per unit

CHF 1’210.00 netto

Minimum investment

One unit (no fractions permitted)

Payment of securities subscribed

March 21, 2014

Swiss security number/ISIN 

844 303 / CH 000 844 303 5 (unit)
23 712 973 / CH 023 712 973 6 (suscription right)


Directly with contact at your regional branch of Credit Suisse AG in Switzerland


The CS 1a Immo PK will use the proceeds of the issue to complete the newly acquired construction projects and further expand the portfolio. This will guarantee the growth and further rejuvenation of the real estate portfolio


Ulrich Braun, Telephone 044 332 58 08 or
Fabian Linke, Telephone 044 333 44 00

* The value of subscription rights traded in secondary market trading of Credit Suisse AG is subject to fluctuations due to supply and demand and calculated according to the maximum proceeds from the issue. There is no guarantee that an active market for the subscription rights will actually develop during this period. The market value of the subscription rights cannot be guaranteed.

Further Information (PDF)

Publication NOVUM


Promotional folder


Issue prospectus


Supplement to issue Prospectus



DE / FR / EN

Annual Financial Report


Client presentation


Secondary Content