General Information

Credit Suisse Real Estate Fund Interswiss

The Largest Listed Funds for Commercial Real Estate in Switzerland


Investment Policy

The CS REF Interswiss (CS REF Interswiss) is a real estate fund governed by Swiss law. With 78 properties and total assets of CHF 2,26 billion (half-year results as of March 31, 2015), it is the largest listed commercial real estate fund in Switzerland. It invests mostly in commercial properties, sustainably attractive mixed-use properties, and construction projects. Furthermore, it focuses on long-term preservation of asset value and constant portfolio renewal. The real estate fund gives institutional investors and private clients access to a regionally broadly diversified portfolio in Switzerland with high-yielding real estate, located mainly in Swiss cities or their conurbations. The fund is listed on the SIX Swiss Exchange AG and has one of the highest distribution yields of any publicly listed Swiss real estate fund.

Investment Rationale

Professionally managed real estate funds such as CS REF Interswiss have distinct advantages as opposed to direct investments in real estate.

High-Yielding Real Estate Portfolio

Participation in a real estate portfolio that is broadly diversified by sector and region, and has high-yielding, mainly commercial properties.

High Distribution Yield

CS REF Interswiss has one of the highest distribution yields of any publicly listed Swiss real estate fund.

Professional Management

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


The fact that the units can be traded on the Swiss Exchange means that the investor can quickly and easily exit from the real estate investment if necessary.

Investor Protection

Fund investors enjoy generous investor protection under the Collective Investment Schemes Act.


Security is increased through the broad geographical and property-related dispersion of the real estate.


The market prices are published daily. Comprehensive annual reports provide in-depth detail on the activities and performance of the fund. Once a year, independent valuers appraise the properties using the discounted cash flow method. CS REF Interswiss's fund management calculates the investment fund's assets at market value at the end of the financial year and whenever new units are issued.

Right of Redemption

The Collective Investment Schemes Act obliges the fund management to buy back the fund units at their redemption price.


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.

Issue at a Glance

Investor group

Private and institutional investors

Type of issue

The issue will be carried out in terms of commissions on a best effort basis through a public subscription offer in Switzerland

Issue volume

Maximum of CHF 148.6 million

Subscription period

June 1st to 12, 2015, 12:00 p.m. (CET)

Subscription ratio

Ten (10) of existing units entitle the holder to acquire one (1) new unit

Subscription rights trading

Subscription rights will be traded officially from June 1st to 11, 2015, on the SIX Swiss Exchange AG.

Issue price per unit

CHF 197.00 net

Payment of securities subscribed

June 19, 2015

Swiss security number / ISIN (unit)

276 935 / CH000 276 935 1

Swiss security number / ISIN (subscription right)

27 832 452 / CH027 832 452 7


At all Credit Suisse AG branches in Switzerland


Proceeds from the issue will be used to further expand the high-quality real estate portfolio, as well as for value-enhancing investments in existing properties.


Ulrich Braun, tel. +41 44 332 58 08

Further Information (PDF)

Media releases – Announcement

PDF in German or in French

Media release – Details

PDF in German or in French

Media release – Results

Client presentation

Issue and listing prospectus

PDF in German or in French

Addendum to issuing and listing prospectus

PDF in German or in French


PDF in German or in French

Annual financial report as of September 30, 2014

PDF in German or in French

Semi-annual financial report as of March 31, 2015

PDF in German or in French

Issuing and listing notice

PDF in German or in French

Addendum to issuing and listing notice 

PDF in German or in French 

Secondary Content