CS Euroreal, Credit Suisse Group AG (CSGN's
frozen German property fund, said it will accept orders from
investors to withdraw their money, two days after a similar move
led rival SEB ImmoInvest (SEBIMMO to declare its liquidation.
The 6 billion-euro ($7.8 billion fund will take requests
from today until the close of business on May 21, parent company
Credit Suisse Asset Management Immobilien KAG said in a
statement to investors. The Frankfurt-based fund has about 1.5
billion euros, or about 25 percent of its assets, in cash
available to fulfill requests.
SEB Asset Management AG announced the liquidation of SEB
ImmoInvest on May 7 after failing to meet all redemption
requests during a one-day reopening. Like that fund, CS Euroreal
will be liquidated if it's unable to fulfill all the requests,
the company said.
"Surveys by our distribution partners show that most
investors want to stay in the fund," Karl Heinz Heuss, manager
of Credit Suisse Asset Management Immobilien KAG, said in the
statement. "However, due to uncertainty in the wake of the most
recent property fund liquidations, it is no longer possible to
precisely predict redemption requests. "
Since the global recession that ended in 2009, German real-
state mutual funds have struggled to meet redemption requests,
causing six funds to be dissolved. Several more, including a
fund owned by UBS AG (UBSN, face deadlines this year to reopen or
liquidate, according to Germany's financial trade group,
Bundesverband Investment und Asset Management.
CS Euroreal owns La Befane shopping center in Rimini,
Italy, and the Europa Galerie mall in Saarbruecken, Germany.
SEB ImmoInvest is also based in Frankfurt and has assets of
about 6 billion euros. KanAm Grund KAG, another asset manager
based in the city, in February announced a plan to liquidate its
3.9 billion-euro Grundinvest mutual property fund.
To contact the reporter on this story:
Dalia Fahmy in Berlin at
dfahmy1@bloomberg.net.
To contact the editor responsible for this story:
Andrew Blackman at
ablackman@bloomberg.net.
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