CS Real Estate SICAV-SIF I- Credit Suisse (Lux) European Climate Value Property Fund (Feeder)
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Client Presentation CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Climate Value Property Fund (Feeder) This presentation can only be offered to Professional/Institutional Clients. This material is personal to each offeree and may only be used by those persons to whom it has been handed out. Strictly no further redistribution. Germany: This document can only be offered to professional investors as defined in §1 para. 19 no. 32 of the German Capital Investment Code. Distributed via Credit Suisse AG. Switzerland: This product may only be distributed in or from Switzerland, to qualified investors as defined pursuant to the Collective Investment Schemes Act (“CISA”). France : This document can only be offered to professional clients and to eligible counterparties. This document is distributed by Credit Suisse (Luxembourg) S.A., Succursale en France. Spain: For professional/institutional clients only. Credit Suisse April 2018
Content Credit Suisse (Lux) European Climate Value Property Fund (Feeder) Overview 3 Fund Strategy 11 Current Portfolio 17 European Market Outlook 29 Risks and Mitigation 34 Credit Suisse Global Real Estate capabilities 36 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 2
Global Real Estate Our Platform at a glance Leading real estate platform focusing on office and retail properties CS AM Global RE is one of the 15 leading real estate platforms worldwide – ranked 4th in Europe1 top 4 CS AM Global RE covers the entire range of real estate management services real estate platform in Europe1 Longstanding expertise for the development and management of tailor-made solutions such as pooled funds, club deals and individual funds/mandates Around 25 products and mandates for retail and institutional clients mainly in the core and core-plus since 1938 segments using various investment vehicles track record in real estate management Experienced team with strong acquisition, finance and real estate management background Strong embedded risk management culture 160 Invested countries (ex CH)3 Property types3 (by rental income) Client segment3 real estate specialists Germany 35% Office 28% worldwide5 Other 11%4 Institutional clients 53% Other 13% Ireland 1% Third-party banks 12% Hotel 4% Japan 5% Canada 7% Logistic 4% CHF 44.6 bn Australia 7% CHF Rental assets under 7.3bn income AuM management2 Italy 6% Residential 35% Netherlands 5% Great Britain 10% Private banking 35% >1,300 USA 13% Retail 16% properties in 18 countries worldwide5 1 Sources: INREV/ANREV Fund Manager Survey 2017 2 Latest data point: December 31, 2017; include asset under management of direct and indirect investment vehicles 3 Latest data point: December 31, 2016 4 Other countries are: Belgium, Czech Republic, France, Poland, Portugal, Spain, Chile, New Zealand 5 Latest data point: December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 3
Credit Suisse (Lux) European Climate Value Property Fund Innovative fund concept Investment idea Fund concept Focus on strong economic centers in liquid European Real Estate markets Market Broad diversification by countries/ locations Strong diversification and usage types (mainly office and retail), tenants, lease expiry etc. Core/Core+ Focus on existing modern properties Return Stable rental income from well leased Profile Low to moderate risk profile with a properties with long-term lease contracts High focus on stable income from rents and creditworthy tenants Opportunistic Medium Value-Add Core+ 5-6% Target net total return 5-6% target net total return1 and 4% net Core Low Risk Return Attractive returns in current low-yield distribution yield1 Low Medium High interest rate environment Target leverage of 30% For illustrative purposes only. Optimize Energy Efficiency Systematic approach to reduce operating Rationale for “Green Buildings” costs in cooperation with Siemens Estimated Return Unique Strengthen competitiveness of the properties and generating potential for First “climate-neutral“ real estate fund by Green Buildings Conventional Buildings purchasing carbon reduction certificates at rising rents and market values the expense of Credit Suisse For illustrative purposes only. Estimated Risk 1 The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target return will be achieved. Full description of bases or assumptions are available upon request. the targeted return objective will be based on the manager’s analysis and evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect actual investment results. Source: Credit Suisse, as of December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 4
Successful build-up of the fund Four closings since its launch in April 2016 Key figures Oct. 31, 2017 Portfolio comprises four properties After the acquisition of two properties in Dublin and Amsterdam in 2016, the acquisition of Market value in EUR mn7 104.4 two further office properties in Stuttgart and Dusseldorf was executed in December 2017 No. of properties/locations/countries7 4/4/3 4 properties provide stable long-term cash flow Main type of use (office)1,7 87.8% Portfolio7 is nearly fully leased for more than 8 years EUR 100 mn total commitment target was achieved Occupancy ratio2, 7 99.2% New commitments of EUR 32.8 mn were raised in the 4th closing which ended on October WALT/WAULT in years3, 7 8.3/6.4 31, 2017. Commitments from the first three closings already have been completely called for the four property acquisitions Loan to value7 44.8% Total income distribution 2017 amounts to EUR 19.46 per share First interim Total commitments in EUR mn4 100.0 distribution of EUR 14.97 per share was paid to investors on October 11, 2017. Second Undrawn commitments in EUR mn4 32.8 distribution of EUR 4.49 per share was paid on December 28, 2017 Foreign currency hedging N/A Performance of 5.8%4 is in line with mid- to long-term target yield After Q4 2016 performance was influenced by special effects, Q2 2017 IRR is in line with mid- to long-term target net yield of 5-6% p.a.6 NAV/Total return since 07/01/20164 Q2 2017 (class C, feeder fund) Fund management screens markets for next investments Under consideration are particularly retail, logistics and mixed-used properties in Poland, Net asset value as per INREV per share4 1,042.275 Netherlands/Belgium, United Kingdom and Germany IRR (capital weighted)4 5,8% SCOPE Alternative Investment Award in the Sustainability category Total time-weighted return4,5 4.2% We are proud to announce that the fund has won the SCOPE Alternative Investment Award 2017 in the sustainability category Total Income distribution 2017, per share 19.46 EUR 1 Based on net target annual rent 2 Based on gross target annual rent 3 WALT = weighted average lease term, WAULT = weighted average unexpired lease term, without/with consideration of break options, both based on net target rent annual rent 4 IRR, total time weighted return, annualized distribution yield, commitments and INREV NAV; NAV in EUR per unit are for the feeder, the rest of the data is for the master fund. The total returns are net of fees. The above KPI should be carefully considered as the fund began investing in 09/2017 and is still in its investment phase. Historical performance indications and financial market scenarios are not reliable indicators for current or future performance. The performance data do not take into account the commissions and costs incurred on the issue and redemption of fund units 5 Investment performance calculation according to the method used by the German Federal Association of Investment and Asset Management 6 The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target return will be achieved. 7 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis the targeted return objective will be based on the manager’s analysis and evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect actual investment results. Source: Credit Suisse, as of October 31, 2017; Scope Award source: Credit Suisse, as of December 2017 Full description of bases or assumptions are available upon request. Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 5
Portfolio provides long-term stable cash flow Four fully-leased properties Portfolio3: Market value EUR104.4 mn, Occupancy ratio 99.2%, WALT 8.3 years IR-Dublin, office DE-Dusseldorf, office Market value EUR 21.6 mn Market value EUR 27.2 mn Occupancy ratio1 100.0% Occupancy ratio1 96.2% WALT/WAULT2 9.0/7.6 years IR-Dublin NL-Amsterdam WALT/WAULT2 5.4/4.7 years DE-Dusseldorf DE-Stuttgart Current investment locations NL-Amsterdam, office Primary investment countries DE-Stuttgart, office Market value EUR 18.0 mn Potential investment countries Market value EUR 37.6 mn Occupancy ratio1 100.0% Occupancy ratio1 100.0% WALT/WAULT2 10.2/10.2 years Countries, which are yet under consideration WALT/WAULT2 8.3/4.4 years 1Based on gross target annual rent 2 WALT = weighted average lease term, WAULT = weighted average unexpired lease term, without/with consideration of break options, both based on net target annual rent 3 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis Source: Credit Suisse, as of December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 6
Outlook Continued growth opportunities Goals Plans The focus will be put on the following countries: Poland: Commercial properties offering enhanced investment returns and benefiting from strong levels of demand for rental space The Netherlands/Belgium: Commercial properties with higher yields which benefit from favorable financing conditions an expected increase of rents over the Further portfolio expansion next years as these markets lag in rental recovery United Kingdom: Regional markets with yields above 6% being more resilient to Brexit risks given the local character of demand. The expected correction of prices in London could provide attractive opportunities in the course of 2018 Germany: Benefits from expected prolonged rental uplift and declining vacancies in office and retail markets combined with good access to financing Adding high-quality assets from a broader range of sectors such as mixed-use, retail and logistics Increase portfolio diversification Long term growth expected due to mega-trends, such as continued urbanisation/densification, as well as changing spatial growth patterns in the urban retail and logistics segment Call capital from 4th closing/ Next capital call is planned for March/April 2018 when the next NAV per year-end 2017 is available Raise further commitments 5th closing is planned for April 2018 Source: Credit Suisse, as of December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 7
Investment arguments Credit Suisse (Lux) European Climate Value Property Fund (Feeder) Innovative fund concept/attractive target yield Conservative core/core+ investment strategy targeting high-quality well leased properties in promising European markets. Improve the energy efficiency of the portfolio in cooperation with Siemens 1 1 Target net distribution yield (4% p.a. ) and total target net return (5% to 6% IRR) are attractive in current interest rate environment Successful build-up of the fund 3 First four properties have been acquired EUR 100 mn commitments have been raised, commitments from first 3 closings have already been completely called Distribution from income was paid in Oct./Dec. 2017 Proven European real estate track record With AUM of over CHF 44.6 bn Credit Suisse Global Real Estate is one of the leading European real estate managers More than 1,300 properties are managed in 13 European countries Proven track record in energy optimization/sustainability Since 2012 exclusive collaboration with Siemens regarding energy controlling and operational improvements More than 1,000 properties are constantly monitored Participation at Global Real Estate Sustainability Benchmark (GRESB) awards 1 The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target return will be achieved 2 The KPI should be carefully considered as the subfund began investing in 09/2016 and is still in its investment phase. Historical performance indications and financial market scenarios are not reliable indicators for current or future performance. The performance data do not take into account the commissions and costs incurred on the issue and redemption of fund units. 3 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis. Full description of bases or assumptions are available upon request. Source: Credit Suisse, as of December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 8
Investment profile & terms Credit Suisse (Lux) European Climate Value Property Fund (Feeder) Investment profile Terms Investment strategy Conservative Core/Core+ strategy Product structure Luxembourg SICAV – SIF (semi-open ended) Sustainability Optimization of energy consumption and CO2 emissions through an Key parties Investment advisor: Credit Suisse Asset Management Immobilien strategy active, but cost-efficient management approach in cooperation with Kapitalanlagegesellschaft mbH (Frankfurt, Germany); Siemens; portfolio is set carbon neutral via purchasing carbon Fund management company: Credit Suisse Fund Management reduction certificates (costs are borne by Credit Suisse, not the S.A. (Luxemburg) fund) ISIN LU1262891978 (Feeder) Target markets Europe Strategic long-term asset allocation (countries can be added or Fund currency EUR omitted subject to future changes)2: 10%-40% Germany, Austria, Switzerland Valuation Twice a year as of 06/30 and 12/31 10%-40% United Kingdom, Ireland Minimum EUR 500,000 for feeder fund 10%-30% France commitment 10%-25% The Netherlands, Belgium 5%-20% Italy, Spain, Portugal Next closing Planned April 2018 0%-10% Denmark, Norway, Sweden, Finland 0%-10% Poland, Czech Republic, Slovakia Capital calls Over 18 months, starting with the relevant closing, commitments will be called on last available NAV Target sectors Strategic long-term asset allocation2: 50%-100 % Office Redemptions Redemption options: January 1 or July 1. 0%-40% Retail Redemption price: Latest NAV incl. any redemption fee adjustment 0%-20% Residential and others as follows: 5%; Target properties Well leased existing properties in established locations with 2.5% for notice period >12 months; creditworthy tenants 0% for notice period >24 months Target leverage approx. 30%, maximum up to 50% of the real estate assets Subscription fee Up to 1.5% Foreign currencies Hedging of large part of non-EUR equity exposure planned Management fee 0.6% p. a. of the fund’s gross investment value Target returns Total net return 5.0 to 6.0% p.a.1 Distribution net yield 4.0% p.a.1 (distribution annually) Purchase/Sales fee 1.2% of the gross asset value of the properties Target size EUR 1bn after five years from launch Construction Fee 2% of the gross development cost, based on the portion of gross development costs actually spent 1 The target return is based on historical data an is not a projection, prediction or guarantee o future performance. There is no assurance that the target return will be achieved 2 The above is an indicative asset allocation and is meant for illustrative purposes only. Please note that asset allocation may be subject to change from time to time without notice. Feeder Fund invests permanently at least 85% in Master Fund. Full description of bases or assumptions are available upon request. The targeted return objective will be based on the manager’s analysis and evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect actual investment results. Please refer to the Performance-Related Disclosures at the back of the presentation for additional information. The tax treatment depends on the individual circumstances of each client and may vary due to that. Credit Suisse does not provide tax advice and it has not been taken into consideration while calculating the returns Source: Credit Suisse, as of December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 9
Content Credit Suisse (Lux) European Climate Value Property Fund Overview 3 Fund Strategy 11 Current Portfolio 17 European Market Outlook 29 Risks and Mitigation 34 Credit Suisse Global Real Estate Capabilities 36 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 10
Investment concept Conservative European investment strategy complemented by energy optimization 1. Build up of a risk-averse core/core + real estate 2. Improve energy efficiency to reduce operating costs and portfolio in Europe with stable rental income CO2 emissions in cooperation with Siemens Focus on strong economic centers, in liquid and historically Evaluation of energy consumption and CO2 emissions through stable European markets comprehensive carbon due diligence at acquisition and a continuous Existing, high-quality, modern properties measurement going forward Acquisition of well-leased properties with long-term lease Optimization measures to reduce operating costs focusing on contracts with creditworthy tenants cost efficient measures. Broad diversification across countries, locations, usage types, Objective: Achieve an Energy Star score in the top quartile for tenants, lease expiries etc. the entire portfolio within 3 years of acquisition Low target leverage of 30% Set portfolio carbon neutral at the end of each year by purchasing carbon reduction certificates at the expense of Credit Suisse. This results in the first climate-neutral real estate fund Target: Target: Stable and sustainable returns for investors Strengthen competiveness and generate potential for rising 1 5 - 6% target net total return including rents and properties’ market values, coupled with 4% target net distribution yield 1 environmental standards becoming increasingly important for tenants and investors 1 The target return is based on historical data and is not a projection, prediction or guarantee of future performance. There is no assurance that the target return will be achieved. Full description of bases or assumptions are available upon request. the targeted return objective will be based on the manager’s analysis and evaluation of investment opportunities and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect actual investment results. Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 11
Risk-adverse investment strategy to achieve stable cash flows European Climate Value Property Fund Investment Type Core Core+ Value Add Opportunistic Risk Low to average Average Average to high High Debt finance 70% Occupancy High Well occupied Lease-up potential Turnaround 95%+ 75-95% 60-80% 0-70% Return Rollover Low Low to moderate Moderate; Significant; in first 5 years 0-20% 15-30% 25-50% 50% High Tenancy Type Credit-rated tenants Strong anchor tenants Multi-tenant Multi-tenant Leverage Low Moderate Moderate High Opportunistic (Loan to Cost) 0-50% 50-60% 60-70% 70-80% Medium Return Current income Current income + Capital appreciation + Capital appreciation Composition orientation capital appreciation current income Value Add Real estate Existing, stabilized Existing, stabilized Properties with Underutilized assets type and location properties properties upside potential in need of major Core+ Well tenanted, Well tenanted, realized through repositioning central and stable central, slight value-added asset Development income returns deviations accepted management projects Core Low Long-term leases Capital appreciation Refurbishments, Less centrally Risk Strong tenant credit through rental less centrally located or in Low Medium High growth and/or located emerging markets modest lease up Holding period Unlimited Unlimited Typically 4−12 years Typically 3−10 years Stable income oriented Growth oriented For illustrative purposes only Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 12
Strategic asset allocation by country & usage type Investment guidelines Investment Strategy Target countries Geographically: Well diversified portfolio concentrated in historically more stable and liquid countries in Central and Western Europe. Coun- tries in Southern and Eastern Europe will added where appropriate Types of use: Focus on modern office and retail properties. Other usage types provide additional diversification Strategic country allocation bandwidths1 Germany, Switzerland, Austria UK, Ireland France Netherlands and Belgium Southern Europe (IT,SP, Portugal) Scandinavia Central and Eastern Europe 0 10 20 30 40 50 60 70 80 90 100 Strategic type of use allocation1 Priority focus countries Office Most interesting countries for sourcing of buildings Retail Potential countries to invest in Some elements need to change, but potential opportunities will be Residential & others evaluated 0 10 20 30 40 50 60 70 80 90 100 Currently ineligible countries 1 For illustrative purposes only. This is an indicative strategic asset allocation which may change over time. The current allocation is shown in the chapter current allocation on slides 17/18. Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 13
Investors benefit from energy optimization (1/2) First carbon neutral European real estate fund Improved energy efficiency enhances sustainability and delivers positive impacts for tenants and investors, as well as offers potential performance improvements through increased rents and market values Smart investing by improving energy efficiency Actively investing in upgrading building infrastructure is the future Continuous optimization of building systems by the landlord reduce energy consumption and thus operating costs for tenants Rents can be raised when rental agreements needs to be Operating renegotiated, which in turn causes the property’s market value Operating costs to rise costs Market Market Value Since the focus is put on cost efficient measures, the fund‘s Value return for the investors increases Any residual emissions that cannot be eliminated through active Rent management are offset by purchasing CO2 certificates, thus Rent achieving climate neutrality. The costs for purchasing these certificates are not charged to the fund Before optimization After optimization For illustrative purposes only Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 14
Investors benefit from energy optimization (2/2) Research studies confirm sales & rental price premiums Positive impact of high energy efficiency on rents and sale prices is confirmed by studies on Energy Star & LEED price premiums Sales Price Premium Rental Price Premium 35.0% 18.0% 16.5% 31.4% 16.0% 30.0% 14.0% 25.0% 25.0% 25.0% 26.0% 12.0% 11.6% 20.0% 10.0% 9.3% 9.2% Premium 8.9% Premium 10.0% in % 18.0% in % 15.0% 8.0% 8.0% 8.2% LEED Sales Price 6.5% 11.1% 11.1% 6.0% LEED Rental Price 13.0% 13.4%13.0% Premiums % 6.0% 10.0% 12.0% 5.0% 6.5% 6.5% Premiums % 10.0% 4.5% 10.3% 4.0% 9.0% 4.0% 2.9% 4.0% 4.0% 4.0% 5.0% 6.2% Energy Star Sales 2.1% Energy Star Rental 5.8% 5.0% 2.0% 2.5% Price Premiums % Price Premiums % 0.0% 0.0% For illustrative purposes only. Data as of October 2017 Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 15
Content Credit Suisse (Lux) European Climate Value Property Fund Overview 3 Fund Strategy 11 Current Portfolio 17 European Market Outlook 29 Risks and Mitigation 34 Credit Suisse Global Real Estate Capabilities 36 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 16
Current portfolio (1/2) Four properties in established European economic centers Market value Portfolio No. of No. of Country in EUR 000s share properties locations The Netherlands 18,000 17.2% 1 1 Ireland 21,600 20.7% 1 1 3 Germany 64,790 62.1% 2 2 Total3 104,390 100.0% 4 4 IR-Dublin Portfolio allocation1,2,3 NL-Amsterdam DE-Dusseldorf DE-Stuttgart NL- DE- Amsterdam; Dusseldorf; 17% 26% IR-Dublin; 21% Current investment locations DE-Stuttgart; Primary investment countries 36% Potential investment countries Countries which are not yet under consideration 1 Based on market value 2 Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. 3 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis. This is an indicative asset allocation that may change over time Source: Credit Suisse, as of October 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 17
Current portfolio (2/2) Stable long term cash flow from fully-leased properties Leasing structure5 Type of use3,5 Occupancy ratio in % of rent1/space 99.2%/99.3% WALT/WAULT in years2 8.3/6.4 Other; 2.9 % Parking; 4.8 % Retail; 4.5 % Breakdown of lease expiry4,5 70% 57.6% 60% Office; 87.8 % 50% 40% 30% 21.8% 20% 11.2% 10% 4.6% 2.6% 0.0% 0.0% 0.0% 2.2% 0.0% 0.0% 0.0% 0% 1Based on target annual gross rent 2 WALT = weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, both based on target annual net rent 3 based on target annual net rent 4 based on target annual net rent and WALT 5 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis. These forecasts are no reliable indicators of future performance Source: Credit Suisse; as of October 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 18
Environmental performance indicators Property Carbon Energy star CO2 emissions Energy Water Conta- Certificates/ Other ratings due score in kg CO2/sqm consumption consumption in mination Seal of quality diligence in kWh/sqm ltr/sqm/p.a. NL-Amsterdam, 90 53 108 295 None BREEAM EPC1 A Moermanskkade 73-97 very good IR-Dublin, 76 84 81 295 None None BER2 B3 100 Mount Street Lower DE-Stuttgart 5, None None Heating4 63 vs 136 99 39 60 136 Ingersheimer Straße 18 Electricity4 59 vs 106 DE-Dusseldorf 5, None None Heating4 76 vs 104 94 4 94 213 Berliner Allee 26 Electricity4 25 vs 36 Portfolio average3,5 94 39 79 202 • The properties’ Energy Star scores are already in the top quartile. • Amsterdam property also has a strong quality seal • Additional information on planned energy optimization activities of the individual properties can be found as of slide 23-26 1 EPC = Energy performance certificate, labels differ in the various countries 2 BER = Building energy rating, labels differ in the various countries 3 Weighted based on square meters 4 in kWh/m2 p.a. versus benchmark for comparable building 5 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice Source: Credit Suisse, as of October 31, 2017, data in the table as of Dec 31, 2016 (NL) /Jun 28, 2017 (IRL) /Aug 31, 2017 (DE) Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 19
Debt financing Current LTV of 44.8% to be reduced to 30-35% in the medium term Real estate debt1 Fixed interest rate period1 Current leverage (LTV) 44.8% Long-term target leverage 30%–35% 100% Average Interest rate 1.2% Average Interest rate period in years approx. 5.5 80% 60% 39.6% 40% 34.4% 26.0% 20% 0% 2017 2018 2019 2020 2021 2022 2023+ 1 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis. These forecasts are no reliable indicators of future performance. Source: Credit Suisse, as of December 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 20
Properties overview (1/2) Property Transfer Key type Year of Transaction Land Stake Plot size Rentable Parking Energy date of use construction/ structure tenure in sqm space space star score conversion in sqm NL-Amsterdam, 09/2016 Office 2012 Asset Deal Leasehold1 100.0% 3,335 5,466 60 90 Moermanskkade 73-97 IR-Dublin, 12/2016 Office 1982, 20162 Asset Deal Freehold 100.0% 1,093 2,395 5 76 100 Mount Street Lower DE-Stuttgart 3, 12/2017 Office 2000, 20072 Asset Deal Freehold 100.0% 8,966 12,058 238 99 Ingersheimer Str. 18 DE-Dusseldorf 3, 12/2017 Office 1956, 20172 Asset Deal Freehold 100.0% 1,507 5,121 38 94 Berliner Allee 26 94 Total Portfolio3 14,901 25,040 341 (average) 1 runs until 2060 2 extensive refurbishment 3 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice Source: Credit Suisse, as of October 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 21
Properties overview (2/2) Credit Suisse (Lux) European Climate Value Property Fund Property Currency Purchase Investment Market Portfolio Debt LTV Occupancy WALT WAULT all figures in 000s price costs value share in %1 ratio2 years3 years3 NL-Amsterdam, EUR 17,316 19,257 18,000 17.2% 8,700 48.3% 100.0% 10.2 10.2 Moermanskkade 73-97 IR-Dublin, EUR 21,122 22,568 21,600 20.7% 7,400 34.3% 100.0% 9.0 7.6 100 Mount Street Lower DE-Stuttgart 4, EUR ca. 37,000 ca. 40,100 37,640 36.1% 18,500 49.1% 100.0% 8.3 4.4 Ingersheimer Str. 18 DE-Dusseldorf 4, EUR ca. 27,000 ca. 30,000 27,150 26.0% 12,150 44.8% 96.2% 5.4 4.7 Berliner Allee 26 Total Portfolio4 EUR 102,438 111,925 104,390 100.0% 46,750 44.8% 99.2% 8.3 6.4 1 Basis: market value 2 Basis: target annual gross rent 3 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, basis: target annual net rent 4 Data includes acquisitions (Stuttgart, Dusseldorf) closed in December 2017 on a pro forma basis Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice Source: Credit Suisse, as of October 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 22
Property profile – Amsterdam, Moermanskkade 73-97 High quality seal property in the Netherlands Key data Acquisition date 09/2016 Key type of use Office Year of construction/conversion 2012 Energy star score/certificates or ratings 90/BREEAM „very good“, EPC1: A Rentable space/parking spaces 5,466 sqm/60 Occupancy ratio2 100.0% WALT/WAULT3 10.2/10.2 years Purchase price/gross initial yield4 when bought EUR 17.32 mn/6.7% Market value at acquisition/currently EUR 17.78 mn/18.00 mn Debt in % of market value 48.3% Property description & strategy Property activities High-quality and relatively new office building in an upcoming location near The building has been connected to the monitoring system the Amsterdam city center. Property offers upside potential since the The temperature in the server room has been optimized submarket develops in a dynamic office and mixed-used agglomeration Energy consumption and costs shall be reduced in the short-term by Long-term lease contract with strong tenant delivers stable long-term cash optimizing the setting points for the heating and cooling system and installing flow. Strong return due to high initial yield and 48% debt financing with low a weather forecasting system interest rate In the long-term it is considered to replace the downlights and the heating Comparatively strong sustainability positioning (certified BREEAM very good and cooling pumps over the life cycle and Energy star score 90) 1 EPC = Energy performance certificate 2 Basis: target annual gross rent 3 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, basis: target annual net rent 4 Historical performance indications and financial market scenarios are not reliable indicators for current or future performance Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship manager for further details on risks associated with the investments in this document Source: Credit Suisse, as of October 31, 2017. Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 23
Property profile – Dublin, 100 Mount Street Lower Recently refurbished property in Ireland Key data Acquisition date 12/2016 Key type of use Office Year of construction/conversion 1982/2016 extensive refurbishment Energy star score/certificates or ratings 76/BER1: B3 Rentable space/parking spaces 2,395 sqm/5 Occupancy ratio2 100.0% WALT/WAULT3 9.0/7.6 years Purchase price/gross initial yield4 when bought EUR 21.12 mn/5.5% Market value at acquisition/currently EUR 21.50 mn/21.60 mn Debt in % of market value 34.3% Property description & strategy Activities Located in the Dublin city center which serves as strategic hub for The building has been connected to the monitoring system international (IT) companies. Area gets more attractive due to some of the Seminars on energy savings for tenants have been scheduled older buildings being refurbished A long-term saving potential has been identified via the improvement of the Recently refurbished property offering flexibly divisible office space volume control for the air boxes and the implementation of a predictive Long-term lease contracts with three strong tenants deliver stable long-term heating system cash flow Identification of further measures in the framework of the yearly monitoring process to reduce energy consumption and energy costs 1 BER = Building energy rating 2 Basis: target annual gross rent 3 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, basis: target annual net rent 4 Historical performance indications and financial market scenarios are not reliable indicators for current or future performance Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship manager for further details on risks associated with the investments in this document Source: Credit Suisse, as of October 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 24
Property profile – Stuttgart, Ingersheimer Strasse 18 Strong cashflow and potential to reduce operational costs Key data Acquisition date 12/2017 Key type of use Office Year of construction/conversion 2000/2017 refurbishment Energy star score 99 Rentable space/parking spaces 12,058 sqm/238 Occupancy ratio1 100.0% WALT/WAULT2 8.3/4.4 years Purchase price/gross initial yield3 when bought EUR 37.00 mn/5.3% Market value at acquisition/currently EUR 37.64 mn/37.64 mn Debt in % of market value 49.1% Property description & strategy Activities Situated in an established back office agglomeration of Stuttgart, the 6th Initially, the property shall be connected to the Siemens monitoring system largest German city. Business park offers excellent transportation links and Increase the competitiveness by various measures like branding, wellbeing, is expected to benefit from the long-term city planning to increase the accessible services proportion of residential, retail and public service in this location Improving the energy efficiency by replacing the outdated building Long-term lease contracts with two strong tenants deliver stable long-term automation system in the short-term cash flow. One tenant has a special termination right to leave the property Replacement of the heating bumps and implementation of a predictive after 5 years, however the risk is limited due to a significant penalty payment heating device in the long-term Despite the high energy star rating, the property offers potential to further reduce the operational costs and to increase its competitiveness 1Basis: target annual gross rent 2 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, basis: target annual net rent 3 Historical performance indications and financial market scenarios are not reliable indicators for current or future performance Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship manager for further details on risks associated with the investments in this document Source: Credit Suisse, as of October 31, 2017. Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 25
Property profile – Dusseldorf, Berliner Allee 26 High energy standards and potential increase of rental area Key Data Acquisition date 12/2017 Key type of use Office Year of construction/conversion 1956/2017 extensive refurbishment Energy Star Score 94 Rentable space/Parking Spaces 5,121 sqm/38 Occupancy ratio1 96.2 % WALT/WAULT2 5.4/4.7 years Purchase price/gross initial yield3 when bought EUR 27.00 mn/3.9% Market value at acquisition/currently EUR 27.15 mn/27.15 mn Debt in % of market value 44.8% Property description & strategy Activities Prime location in the Dusseldorf city center, one of the top 5 real estate The last empty space shall be leased destinations in Germany Initially, connection of the building to the Siemens monitoring system Recently refurbished property offering flexibly divisible Grade A office space In the short-term, it is planned to replace the meters (electricity and water) Tenant base and lease expiries of the fully let property is well diversified. The In the mid-tern, the heat distribution system shall be improved and the rental income shall be increased in the mid- to long-term based on the slight installation of a fully integrated building management system is considered underrent of office space and rebranding the refurbished property Implementation of measures to further enhance the already high energy standard of the property 1Basis: target annual gross rent 2 WALT = Weighted average lease term, WAULT = weighted average unexpired lease term, without /with consideration of break options, basis: target annual net rent 3 Historical performance indications and financial market scenarios are not reliable indicators for current or future performance Please note that the above is for illustrative purpose only and does not constitute an offer or a solicitation to buy or sell any interest or any investment. The portfolio manager has sole discretion over the investments in the fund and the investments are subject to change without notice. Please note that this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your relationship manager for further details on risks associated with the investments in this document Source: Credit Suisse, as of October 31, 2017. Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 26
Subsequent closings aim at increasing property portfolio Non-exclusive deal pipeline, for indicative purposes only Key Data Hoofddorp (Netherlands) Key Data London (UK) Submarket South Submarket Midtown Type Office Type Office Purchase Price EUR 36 mn Purchase Price GBP 23 mn GIY property level 7.25% GIY property level 4.9% Occupancy 100% Occupancy 100% WALT 4.5 years WALT 3 years Key Data Reichenbach (Germany) Key Data Seneffe (Belgium) Submarket Reichenbach Submarket Seneffe Type Logistics Type Logistics Purchase Price EUR 32 mn Purchase Price EUR 23,5 mn NIY property level 6.25% NIY property level 7% Occupancy 100% Occupancy 100% WALT 6 years WALT 5 years Key Data Poznan (Poland) Key Data Warsaw (Poland) Submarket CBD Submarket CBD Type Office Type Office Purchase Price EUR 55 mn Purchase Price EUR 28 mn GIY property level 6% GIY property level 5,25% Occupancy 95% Occupancy 99% WALT 9 years WALT 4.5 years For illustrative purposes only. Historical performance indications or any other data from the past, as well as simulations, target return, forecasts, estimations and expectations are no reliable indicator for current or future performance. Please note that this is sample of select properties and investment performance shown are not representative of all property investments in the Fund. Please contact your relationship person for further details on risks associated with the investments in this document. Source: Credit Suisse, as of October 31, 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 27
Content Credit Suisse (Lux) European Climate Value Property Fund Overview 3 Fund Strategy 11 Current Portfolio 17 European Market Outlook 29 Risks and Mitigation 34 Credit Suisse Global Real Estate Capabilities 36 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 28
European real estate markets continue to offer opportunities Outlook European real estate markets Bullish economic outlook for Europe: The European economy reaccelerated in 2017 is projected to sustain its strong momentum well into 2019. Rents should rise moderately in most markets: Demand for rental space is anticipated to rise based on strong economic fundamentals. Many markets also benefit from the limited supply of new space and moderate vacancy rates. Office and logistics markets are expected to deliver the best performance Property prices remain attractive: Yields are expected to remain low, however risk premiums for real estate are far above their historical average. Some markets are lagging behind the cycle: Selected markets like the Netherlands, Spain, Italy and some Eastern European countries offer potential of higher rents and capital gains Regional markets in UK look attractively valued: Political uncertainties remain, some short-term risks for London, but regional UK markets offer opportunities Real estate delivers robust income returns: Returns are attractive in today’s zero/negative interest rate environment Real estate is good diversifier in mixed portfolios: Low correlation to both equities and bonds European real estate markets will continue to offer opportunities in the coming years Sources: Credit Suisse Last data point: January 2018 Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 29
Economic Outlook Upbeat economic picture in Europe As of January Real GDP Growth in % 2018 The European economy is projected to sustain its strong momentum well into 2016 2017E 2018E 2019E 2019; Pace of growth picked-up during 2017 on the back of strong domestic demand and improving export markets Global 3.1 3.2 3.3 3.0 Labor markets are recovering in all investment countries US 1.5 2.3 2.7 1.9 Unemployment rates are ultra-low in Germany, UK and Netherlands Japan 1.0 1.6 1.3 1.1 Further improvements anticipated in Spain, Italy and France The UK economy is expected to underperform the EU average due to Brexit Non-Japan Asia 5.9 6.0 5.9 5.7 uncertainties but real GDP growth still projected above 1.5% p.a. Euro Area 1.8 2.4 2.6 2.2 France 1.2 1.8 2.2 1.8 Germany 1.8 2.5 2.7 2.2 Unemployment rates in % Italy 0.9 1.5 1.9 1.5 UK Netherlands Germany France Netherlands 2.2 3.2 2.7 2.5 Spain Italy Ireland 30 Spain 3.2 3.1 2.8 2.4 25 Ireland 5.1 4.8 3.9 3.1 20 Poland 2.9 4.4 4.7 4.0 15 Czech Republic 2.6 4.3 3.0 2.9 UK 1.8 1.5 1.8 1.7 10 Sweden 3.0 2.8 2.9 2.0 5 Norway 1.0 2.0 2.0 2.0 0 Denmark 1.7 2.0 1.9 1.9 01.2005 07.2005 01.2006 07.2006 01.2007 07.2007 01.2008 07.2008 01.2009 07.2009 01.2010 07.2010 01.2011 07.2011 01.2012 07.2012 01.2013 07.2013 01.2014 07.2014 01.2015 07.2015 01.2016 07.2016 01.2017 07.2017 Switzerland 1.3 1.0 1.7 1.7 Source: Credit Suisse Eikon, European Commission; Last data point: January 2018 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 30
Inflation and Monetary Policy Outlook ECB policy to further support real estate Limited inflationary pressure in the Eurozone despite 10y goverment bond yields in % extraordinary expansionary monetary policy and positive UK Germany France Italy Spain 7 economic environment 6 ECB to remain further on the expansionary path; No interest 5 rate increases expected for 2018 4 Bond yields only to increase slowly from current low levels 3 Higher inflation in the UK as a consequence of the depreciation of the GBP. We expect a further 25 bps increase of the BoE 2 base rate over 12M. The impact on longer term yields is 1 expected to remain limited due to the weaker economy 0 -1 01.2001 11.2001 09.2002 07.2003 05.2004 03.2005 01.2006 11.2006 09.2007 07.2008 05.2009 03.2010 01.2011 11.2011 09.2012 07.2013 05.2014 03.2015 01.2016 11.2016 09.2017 Core Inflation YoY Policy interest rates in % UK Eurozone UK (BoE base rate) Eurozone (ECB repo rate) 7 4.0% 3.5% 6 3.0% 5 2.5% 4 2.0% 3 1.5% 2 1.0% 1 0.5% 0 0.0% 01.2001 11.2001 09.2002 07.2003 05.2004 03.2005 01.2006 11.2006 09.2007 07.2008 05.2009 03.2010 01.2011 11.2011 09.2012 07.2013 05.2014 03.2015 01.2016 11.2016 09.2017 01.2001 11.2001 09.2002 07.2003 05.2004 03.2005 01.2006 11.2006 09.2007 07.2008 05.2009 03.2010 01.2011 11.2011 09.2012 07.2013 05.2014 03.2015 01.2016 11.2016 09.2017 Source: Credit Suisse Eikon, European Commission; Last data point: January 2018. Historical performance indications and financial market scenarios are no reliable indicators of current or future performance. Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 31
European real estate currently offers large yield spreads Outlook European real estate markets European core real estate offers large investment yields in the current low interest rate environment. Combined with the typically low volatility, European properties provide an interesting risk-return profile for investors. Net Prime Office and Government Bond Yields Total Returns from 2016 2015 2014 10y Risk Paris Frankfurt Commercial Real average Dublin Amsterdam Estate p.a. London City Manchester Global Index 7.5 10.7 9.9 5.6 6.7 10y UK government bond yields 10y German government bond yield Pan European Index 7.2 10 9.1 5.2 6.7 8.0 Ireland 12.7 25.1 36.1 1.5 21 UK 3.9 13.1 17.8 4.6 11 7.0 Spain 14.3 15.3 10.1 3.7 8.5 6.0 Sweden 14 13.8 8.4 8.2 5.9 5.0 France 8.1 8.6 6.1 6.6 5.6 Germany 7.5 8.3 6 5.1 2.0 4.0 Finland 6.2 6.3 5.6 3.0 Poland 4.6 6.8 5.9 6.2 4.9 Denmark 7.7 7.8 5.4 5.4 2.5 2.0 Netherlands 11 7.7 3.9 4.5 4.3 1.0 Italy 3.8 4.1 3.6 4.1 2.6 Switzerland 6.2 6.5 5.2 6.4 0.8 0.0 Central and Eastern Europe 5.7 7.7 5.7 4.9 5.7 -1.0 Czech 8.3 8.6 7.1 5.2 5.8 2004 Q1 2004 Q4 2005 Q3 2006 Q2 2007 Q1 2007 Q4 2008 Q3 2009 Q2 2010 Q1 2010 Q4 2011 Q3 2012 Q2 2013 Q1 2013 Q4 2014 Q3 2015 Q2 2016 Q1 2016 Q4 2017 Q3 Portugal 11.8 10.2 6.7 5.1 4.9 Norway 10.4 11.6 8.3 7.5 5.5 Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Source: MSCI, PMA, Credit Suisse AG. Last data point: Dec 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 32
Positive outlook for rents for European real estate Outlook European real estate markets Varying office rent levels for countries and cities. The rental recovery in London has been put on hold by the high level of uncertainty caused by the Brexit. However, we expect rents to continue to rise in most European countries over the next three years. Prime office rent (EUR per sqm) Prime office rent (EUR per sqm) 1'000 450 900 400 800 350 700 600 300 500 250 400 200 300 200 150 100 Germany Scandinavian cities CEE focus countries 0 UK regional cities Netherlands French regional cities Spain and Portugal Paris London Amsterdam Berlin Dublin Historical performance indications or any other data from the past, as well as simulations, target return, forecasts, estimations and expectations are no reliable indicator for current Sources: PMA, Credit Suisse AG Last data point: or future results. December 2017 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 33
Real estate as a good diversifier with stable income return Outlook European real estate markets Correlation between different asset classes Unlisted real estate as a good diversifier in mixed asset portfolios due to low correlation Q4 2000–Q4 2016 Global Equities US government Global REITs Unlisted Global to both equities and bonds bonds Real Estate Risk-return profile of unlisted real estate is Global Equities 1 –0.61 0.76 0.30 somewhere between bonds and equities US government 1 –0.34 –0.15 International diversification works well for bonds unlisted real estate due to low cross-country Global REITs 1 0.33 correlations Unlisted Global 1 Robust income return of conservative real Real Estate estate investments over the cycle are attractive in today’s zero/negative interest rate Stable and substantial income component environment % for the Pan European IPD Index 15 10 5 0 -5 -10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Income Return Capital Value Growth Total Return Historical performance indications and financial market scenarios are no reliable indicators of future performance. Source: PMA, Datastream, Credit Suisse AG. Last data point: December 2016 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 34
Content Credit Suisse (Lux) European Climate Value Property Fund Overview 3 Fund Strategy 11 Current Portfolio 17 European Market Outlook 29 Risks and Mitigation 34 Credit Suisse Global Real Estate Capabilities 36 Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 35
Risks and mitigation Credit Suisse (Lux) European Climate Value Property Fund (Feeder) Risk Mitigation Limited liquidity compared to listed investment products. In-depth due diligence before each investment. The values of properties may rise or fall, for example due to the following: Constant monitoring of the various investment and occupier markets and Unfavourable changes on the supply/demand side, whether for the macroeconomic environment by our Global Real Estate Strategy team. acquisition and sale or for the letting of space Interest rate and/or currencies trends In-house and external local experts for regulatory frameworks and taxes. Taxes or changes to the regulatory frameworks in the respective markets Broad diversification of the portfolio through meticulous property selection. Environmental risks Catastrophes Investing mainly with equity and a prudent amount of debt cushions Force majeure and terrorism negative interest rate trends. The above risks are not exhaustive. Please refer to the fund prospectus for further details on product features and risks Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 36
Content Credit Suisse (Lux) European Climate Value Property Fund Overview 3 Fund Strategy 11 Current Portfolio 17 European Market Outlook 29 Risks and Mitigation 34 Credit Suisse Global Real Estate 36 Capabilities Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 37
Strong Global Network – Offices in Europe, US & Singapore Credit Suisse Asset Management Global Real Estate In-depth knowledge of each market and extensive network of local relationships allows global access to promising properties and their professional management Frankfurt Hamburg Amsterdam Berlin Glasgow Leeds London Dublin Lyon Munich Vancouver Montreal Toulouse Toronto Madrid Chicago Boston Zurich San Francisco Lisbon Tokyo New York Houston Geneva Nagoya Washington, D.C. Milan Fukuoka Singapore Brisbane São Paulo Perth Santiago Sydney Melbourne Canberra Selected property locations Locations of Credit Suisse Asset Management Real Estate Wellington Locations of Credit Suisse Hedging-Griffo For illustrative purposes only. Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 38
Properties are at the heart of what we do Credit Suisse Asset Management Global Real Estate 121 Bloor Street Temple Quay, Endemol HQ, Glass City, Toronto Bristol Amsterdam Nagoya Laimer Würfel, München 1099 NY Avenue, Washington DC Elisabeth Street, Brisbane Old Stock Exchange, Vancouver Zara Building, Fukuoka Goulburn Magdalena Norte, Sihlcity, Street, Santiago Zürich Sydney Please note that this is a sample of select properties and investment performances shown are not representative of all property investments in the Fund. Please contact your Relationship Manager for further details on risks associated with the investments in this document. For illustrative purposes only. Source: Credit Suisse Credit Suisse Asset Management Real Estate The disclaimer at the end also applies to this page April 2018 39
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