General Information

Credit Suisse Real Estate Fund LivingPlus 

Future Forms of Housing



The Credit Suisse Real Estate Fund LivingPlus (CS REF LivingPlus) launched in December 2007, with total fund assets of CHF 2.28 billion at the end of April 2013, is the first Swiss retail fund that focuses primarily on the acquisition and construction of residential real estate based on modern usage and service concepts. The investments are routed into mod-ern forms of housing with integrated services, sheltered accommodation for senior citizens, wellness and health facilities and future-oriented housing concepts at attractive locations in Switzerland. The fund units are traded daily on the SIX Swiss Exchange AG in Swiss Francs. The fund takes direct ownership of the properties; unit holders are therefore not liable for Swiss income or wealth tax on the portion of the fund assets that is invested in real estate.

Investment Rationale

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

Diversified Real Estate Portfolio

Particiption in a real estate fund that is broadly diversified by sector and region and focuses on residential real estate based on usage and service concepts as well as senior housing.

Tax Benefits

The fund holds the real estate directly. Income from units in collective investment schemes with direct property holdings is not taxable for investors domiciled in Switzerland if the total income does not exceed the income from direct prop-erty ownership. With respect to wealth tax, the difference in value between the total assets of the collective investment scheme and the direct property holdings is subject to tax. On December 31, 2012, the taxable value of a fund unit was CHF 0.15 compared to a closing price on the SIX Swiss Exchange AG of CHF 122.00. The distribution of CHF 3.10 made on March 15, 2013 was totally exempt from tax.

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 stock exchange means that the investor can quickly and easily exit from the real estate investment if it should be necessary.

Investor Protection

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


The security of the investment is increased by the broad diversification in terms of geographic location and type of property of the portfolio of 121 properties, including con-struction projects.


The stock market prices are published daily. Comprehensive annual reports provide in-depth detail on the activities and performance of the fund. Annually, independent valuers assess the properties of the fund using the discounted cash flow method. The fund management of CS REF LivingPlus measures the assets of the investment fund at fair value at the end of the financial year as well as when issuing new units.

Right of Redemption

The Collective Investment Schemes Act obliges the fund management to take 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.

Information Regarding the New Issue

Type of issue

Based on commission ("best-effort basis") as part of a public subscription offer in Switzerland.

Subscription period

June 3 to 14, 2013, 12:00 noon

Subscription ratio 

Eight (8) old units entitle the shareholder to subscribe to one (1) new unit.

Swiss security number/ISIN 

3 106 932 / CH0031069328 (unit)
21 202 753 / CH0212027533 (suscription right)

Subscription rights trading

Subscription rights will be traded officially on the SIX Swiss Exchange AG from June 3 to 23, 2013

Issue price

CHF 106.00 netto

Payment of securities subscribed

June 21, 2013

Issue volume

max. CHF 185.5 million


Proceeds from the issue will be used for the completion of the newly acquired construction projects and further development of the portfolio


At all Credit Suisse AG branches in Switzerland


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

Further Information (PDF)

Publication NOVUM


Promotional folder


Issue prospectus


Supplement to issue Prospectus


Client presentation

Antragsformular Reduktion Ausgabekommission


Secondary Content