Credit Suisse (Lux) Multi-Manager Real Estate Global Professionally diversified. In global real estate.
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Credit Suisse (Lux) Multi-Manager Real Estate Global Professionally diversified. In global real estate. Switzerland: This product may only be distributed in or from Switzerland, to qualified investors as defined pursuant to the Collective Investment Schemes Act (“CISA”). CREDIT SUISSE ASSET MANAGEMENT Equities l Indirect Real Estate December 2020
Credit Suisse (Lux) Multi-Manager Real Estate Global
Overview
Investments in best-in-class Pricing based on NAV Established structure and
non-listed real estate funds broad diversified portfolio
worldwide across sectors and countries
Core plus Hedged and unhedged Attractive seed-investor fees
target return1 of share classes in various available
currencies available
6.3%–8.3% in USD (hedged)
5.2%–7.2% in EUR (hedged)
4.9%–6.9% in CHF (hedged)
Source: Credit Suisse
1 Target return based on a long-term investment horizon, the respective share classes and the approximate hedging costs. The target return is not a
projection, prediction or guarantee of future performance, and there is no certainty that the target return will be reached. Among other factors, the
target return depends on the performance and the fee of the underlying target funds, the fee of the respective share class as well as the hedging costs
(for share classes with currency hedging). The target return is based on historical performance of potential target funds and assumptions about their
future performance. The return objective is based on the manager’s analysis and evaluation of investment opportunities, independent market data, and
on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect the actual
investment results.
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Credit Suisse (Lux) Multi-Manager Real Estate Global
Reasons to invest
Information advantage Negotiation power
620+ target funds screened Management fee discounts
Over 1’000 meetings and calls held with fund managers Lower the maximum leverage
Global Credit Suisse platform Privileged extension of the subscription deadline
Take active positions on the advisory boards of the target Introduction of a removal for cause provision
funds
Due diligence capacities Structuring capabilities
Reference calls Seeding a new fund
Visit of fund management teams Prevent the conversion of a target fund
Internal background checks Special Purpose Vehicle (SPV)
Leading negotiations with tax authorities and apply for tax
rulings
Sourcing capabilities Credit Suisse
Various secondary market transactions Credit Suisse Global Real Estate is the 4th largest real
Immediate performance uplift in excess of 16% estate investment manager in Europe
Exclusive deal sourcing Access to global network and expertise of Credit Suisse
True multi-manager approach with no conflict of interest
Core plus strategy with overweight's in the logistics and
residential sectors
Source: Credit Suisse
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Real estate for diversification
Stable income yields
Correlation
2000-2019 between different asset classes
Equities Bonds global REITs global Non-listed global Non-listed real estate funds are a suitable addition
global real estate to a diversified portfolio due to their low correlation
Equities global 1 –0.09 0.86 0.44
with equities and bonds.
The risk profile of non-listed real estate
Bonds global 1 –0.11 –0.08 investments lies between the ones of bonds and
REITs global 1 0.52 equities.
Non-listed global real 1
High international diversification for non-listed real
estate estate investments due to low cross-border
correlation.
Attractive and stable income yields over the cycle
in the current zero/negative interest rate
Stable and substantial distribution component environment.
MSCI IPD Global Real Estate Index (Asset Level)
20%
15% 15.0% 14.5%
10% 10.8% 10.5% 9.9% 10.7%
8.2% 8.9% 8.9% 8.3% 7.9%
7.1% 6.5% 7.0% 7.4% 7.3% 6.5%
5%
% p.a.
0%
-5% -5.5%
-7.3%
-10%
-15%
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Standing Investments Income Return Standing Investments Capital Growth Standing Investments Total Return
Sources: MSCI, Credit Suisse; last data point: December 2019
Historical performance indications financial market scenarios are not reliable indicators of current or future performance.
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Credit Suisse (Lux) Multi-Manager Real Estate Global
Overview as of September 30, 2020
Net performance
5% 108%
0% 103%
2019 Q3 2019 Q4 2020 Q1 2020 Q2 2020 Q3
-5% 98%
Share class USD unhedged (SB-I) quarterly return Share class CHF hedged (SBPH-I CHF) quarterly return Share class EUR hedged (SBPH-I EUR) quarterly return
Share class USD unhedged (SB-I) cumulative return Share class CHF hedged (SBPH-I CHF) cumulative return Share class EUR hedged (SBPH-I EUR) cumulative return
Highlights based on invested capital Share class ISIN Valor no. Payout profile Annualized return since inception
Inception date 28.06.2019 Share class USD unhedged (SB-I) LU1919449337 45209886 Accumulating 5.4%
Subscriptions Quarterly Share class CHF hedged (SBPH-I CHF) LU1987155816 47566280 Accumulating 3.5%
Portfolio Manager Sven Schaltegger Share class EUR hedged (SBPH-I EUR) LU1987156111 47566375 Accumulating 3.9%
Number of underlying properties 1’500+
Sectors in % (based on invested capital) Regions in % (based on invested capital)
Weighted average occupancy 95.2%
Weighted average unexpired lease Office Residential 11%
5.4 years 27%
term 30% 27%
Americas Europe
Weighted average debt maturity 4.8 years Logistics Retail 29%
Leverage 22.7%1 3%
8% 7% APAC Liquidität
Net asset value USD 106.5m Other
2
Liquidity
25% 33%
New subscriptions in Q3 2020 USD 0.3m
Source: Credit Suisse
1 Leverage is based on the underlying target funds, while on the level of Multi-Manager Real Estate Global Strategy no leverage is used.
2 The allocation to «other» sectors mainly consists of exposure to medical office, senior housing, self-storage and student housing.
Historical performance data and financial market scenarios are not reliable indicators of future performance.
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Multi-Manager Real Estate Global Strategy
Product summary as of September 30, 2020
Please note that this fund is only available to Swiss pension fund investors in Switzerland. The information as set out below is to demonstrate our capabilities / track records in the Multi-
Manager Real Estate strategy. Therefore this is for information purposes only and does not constitute an offer or a solicitation to buy or sell any interest or any investment.
Highlights based on invested capital Net performance in CHF
1.30 3.2% 3.4% 4%
Inception date 04.10.2016 2.7%
1.25 2.1% 1.8% 2.5% 1.8%
1.6% 1.3%
1.20 1.1% 1.1% 0.8% 2%
Subscriptions Quarterly 0.2% 0.4% 0.5%
1.15
1.10 0%
Currency CHF 1.05
1.00 -1.2% -2%
Portfolio Manager Sven Schaltegger 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Weighted average occupancy 91.4%
Quaterly performance of share class S Share class S
Weighted average unexpired lease
5.8 years
term 3 months YTD 1 year 3 years 2019 Since inception annualized Since inception cumulative
Weighted average debt maturity 5.1 years Fund 0.80% 0.09% 2.79% 6.05% 7.08% 5.94% 25.91%
Cash -1.3%1
Sectors in % (based on invested capital) Regions in % (based on invested capital)
7% -1% -1%
Leverage 25%2 5% 19%
42%
37%
Net asset value CHF 1’221m Logistics Office Americas Europe
Residential Other 3
25% APAC Liquidity
Retail Liquidity
27% 41%
Source: Credit Suisse
1 The item “liquidity” has as a negative value at cut-off (September 30, 2020), as the credit facility was used for short-term bridge financing beyond the end of the quarter to optimize the cash management
efficiency.
2 Leverage is based on the underlying target funds, while on the level of Multi-Manager Real Estate Global Strategy no leverage is used.
3 The allocation to «other» sectors mainly consists of exposure to medical office, senior housing, self-storage and student housing.
Historical performance data and financial market scenarios are not reliable indicators of future performance.
The investment return is based on CHF-denominated share class S, which is subject to the founding investor fee and net of currency hedging cost of approx. 1.9% p.a.. The reported
net investment return is calculated using the “Modified Dietz” method. Share class "S" is reserved for investors who made a capital commitment in connection with the launch of the investment
group in October 2016, and is limited to the total capital commitment made at the time.
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Credit Suisse (Lux) Multi-Manager Real Estate Global
Highly qualified and experienced team
Investment Committee
Filippo Rima Christoph Bieri Sven Schaltegger John Davidson
CFA, Dipl. Bauing. ETH CEFA MRICS, CFA, CAIA Prof. Dr. oec. publ., CAIA
Head of Equity Asset Management Head of Indirect Real Estate Lead Portfolio Manager Co-Head of Real Estate at
Degree in Civil Engineering from Portfolio manager of Swiss Relevant experience at UBS, Lucerne University of Applied
the Swiss Federal Institute of indirect real estate mandates Partners Group, SCM, and PwC, in Sciences and Arts
Technology (ETH) in Zurich Experience: 32 years both direct and indirect investments Relevant experience in alternative
Experience: 22 years Experience: 18 years investments at UBS and Swiss Re
Experience: 20 years
Portfolio management
Sven Schaltegger Fabian Egg Philip Signer Marcel Kaufmann
MRICS, CFA, CAIA CFA
Worked for Goldman Sachs in Worked as an independent
Lead Portfolio Manager acquisition and asset Worked in investment advisor in private equity
Relevant experience at UBS, management (European real management at Zurich Insurance Relevant experience at SCM and
Partners Group, SCM, and PwC, in estate and distressed debt) Group and portfolio advisory Swiss Re
both direct and indirect investments Experience: 5 years at Credit Suisse Experience: 18 years
Experience: 18 years Experience: 6 years
Fabian Stäbler Heinz Tschabold
CAIA
Business Manager in Asset
Management Equities Senior Portfolio Manager in Real
Was local COO for Asset Estate Securities
Management in Singapore Implemented quantitative models
Experience: 15 years in real estate at UBS Warburg
Experience: 20 years
Product specialists
Oliver Smith Fabian Linke
Real Estate Product Specialist Real Estate Product Specialist
Worked on real estate product development for Credit Suisse Asset Management Worked in Credit Suisse Asset Management real estate strategies and advisory
Relevant experience with Macquarie and Brookfield in Sydney Relevant experience at Swiss Finance & Property and Swiss Prime Site
Experience: 15 years Experience: 15 years
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Credit Suisse (Lux) Multi-Manager Real Estate Global
Investment process
Due diligence capacities Experienced Investment Committee Investment
Extensive commercial, legal and tax Due Strong track record monitoring
Diligence Longstanding industry experience Guideline compliance
Access to legal and tax experts External investment committee member Handling capital calls &
Highly selective and rigorous, multi-phase distributions
investment process Performance
Examples: monitoring
Examples: − Four highly experienced IC members Examples
− On-site fund manager visits − Diverse background and knowhow − Leveraging tools of a
− Reference calls and background checks global bank
− Proven processes
Sourcing Due Structuring Investment Subscription Monitoring/
Diligence Committee Process Controlling
Information advantage Structuring capabilities Negotiation power
Exclusive deal sourcing Ensuring tax efficiency of the structure Onboarding, Know-Your-Client and Anti-
Global Credit Suisse platform Implement strong legal control Money-Laundering procedures
Proprietary global network Best-in-class governance Bilateral agreement with General Partners
Negotiate investor-friendly key terms
Examples: Examples:
− Proprietary due diligence questionnaire − Negotiations with tax authorities for tax Examples:
− >900 fund manager meetings/calls rulings − Negotiate preferential fee terms
− Establish special purpose vehicles, if required − Benefiting from volume discount based on
CSAM’s overall investment platform
For illustrative purposes only.
Source: Credit Suisse
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Credit Suisse (Lux) Multi-Manager Real Estate Global
Environmental Social Governance (ESG) –
integral part of the investment process
The selection of investments follows a structured, broad-based investment process that takes both quantitative and qualitative
criteria into account.
ESG in the Potential investment opportunities undergo a detailed due diligence process, taking ESG-related factors into account as part
investment of the assessment.
process The Global Real Estate Sustainability Benchmark (GRESB) is analyzed as the leading ESG rating for all new and existing
target funds.
In addition, other common ESG standards, ratings and guidelines are analyzed at the building, fund and fund manager levels.
Credit Suisse (Lux) Multi Manager Real Estate Global – since June 2019
80 GRESB
71%1 of the funds have a GRESB rating
ESG profile of 81%2 of the invested capital has a GRESB rating
Credit Suisse 80/100 – weighted average (based on GRESB rated funds)
(Lux) Multi
721) – average GRESB rating for all private real estate entities in 2019
Manager Real
Estate Global
Other ESG standards/ ratings/ programs
Various ratings and standards like LEED, BREEAM, Energy Star, UNPRI, etc.
Proprietary policies, standards and ESG reports of target funds
Source: www.gresb.com
1 Based on Q3 2020 data or latest available GRESB rating
2 Based on invested capital in Q3 2020
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Credit Suisse (Lux) Multi-Manager Real Estate Global
Taking advantage of a broad range of investment structures
Deal structures
Primary market Secondary market
Investment in a target fund through a Acquire fund units from existing investors
subscription process. via the secondary market.
Investments in the final close of a closed- Stakes may be acquired at a discount to
end target fund may potentially benefit NAV and/or allow for immediate
from an immediate valuation uplift. deployment of capital.
Traditional
investments
Fund formation Joint and programmatic ventures
Helping a manager launch a new Invest in portfolios of assets exclusive to
strategy by providing seed capital while our clients alongside an experienced
benefiting from preferential terms. manager in a predefined strategy.
Bespoke
investments
Source: Credit Suisse
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Portfolio Diversification as of 30 September 2020
Sector allocation Allocation by investment style
Investment guidelines Current allocation
100%
80% 5%
60% 27%
40%
30% 68%
25% 27%
20%
8% 7%
0% 3%
Office Retail Residential Logistics Other 1 Liquidity Core Liquidity
Value-added Opportunistic
Regional allocation Allocation by structure
80%
Investment guidelines Current allocation 4%
60%
27%
40%
33%
29% 27% 69%
20%
11%
0%
Americas Europe APAC Liquidity
Open-end Liquidity Closed-end
Source: Credit Suisse
1 The allocation to "other" sectors mainly consists of exposure to medical offices, senior housing, self-storage and student housing. This is an indicative asset allocation that may change over time.
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Terms (1/2)
Product information Investment policy
Investment strategy Core plus The broadly diversified portfolio
Geography Global (America, Europe, and Asia/Pacific) consists of international real
Sectors Residential, logistics, office, retail, and other estate funds. The target real
Luxembourg
estate funds are not traded and
Fund domicile
invest for their part in properties
Legal structure SICAV-SIF in the respective target markets
Portfolio manager Sven Schaltegger (America, Europe, and
Inception date 28.06.2019 Asia/Pacific).
Fund currency USD
Credit Suisse (Lux) Multi-
Portfolio buildup phase 2.5 years (after launch)
Manager Real Estate Global
Lockup period Until 31.12.2021 pursues a Core plus investment
Subscriptions Quarterly, as of the last business day of the quarter strategy, with most investments
Notice period for 20 business days prior to the subscription day taking place in the core segment,
subscriptions (which is the last business day of a quarter with additional targeted
investments in the Value Add and
Redemptions Quarterly (after end of holding period)
Opportunistic segments.
Notice period for 90 calendar days
redemptions
Gate Deferred redemptions at fund level of 15% per trading day
Target leverage 30%–40% (max. 50%)
Annual target return1 6.3%–8.3% in USD (hedged)
5.2%–7.2% in EUR (hedged)
4.9%–6.9% in CHF (hedged)
Management fee Attractive discounts available for seed investors
Co-investments Investors with a minimum USD 5 mn commitment will have
the right, when available, to co-invest directly
in certain assets
Source: Credit Suisse
1 Target return based on a long-term investment horizon, the respective share classes and the approximate hedging costs. The target return is not a projection, prediction or guarantee
of future performance, and there is no certainty that the target return will be reached. Among other factors, the target return depends on the performance and the fee of the underlying
target funds, the fee of the respective share class as well as the hedging costs (for share classes with currency hedging). The target return is based on historical performance of
potential target funds and assumptions about their future performance. The return objective is based on the manager’s analysis and evaluation of investment opportunities, independent
market data, and on numerous investment-specific assumptions that may not be consistent with future market conditions and that may significantly affect the actual investment results.
The product’s investment objectives, risks, charges, and expenses, as well as more complete information about the product are provided in the Prospectus which should be read
carefully before investing.
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Terms (2/2)
Share class1 Description Payout ISIN Valor no. Offer period Liquidity Target Effective
profile hedge ratio management
(bandwidth) fee p.a.2
SBPH-II EUR3 Seeding share class with Accumulating LU2057088713 50215591 Until 30.09.2021 (next Quarterly (after 100% 0.60%
a holding period until cutoff on 03.03.2021) end of holding (95-105%)
31.12.2021 (hedged) period)
SBPH-II CHF3 Seeding share class with Accumulating LU2057089018 50215595 Until 30.09.2021 (next Quarterly (after 100% 0.60%
a holding period until cutoff on 03.03.2021) end of holding (95-105%)
31.12.2021 (hedged) period)
SAPH-II USD3 Seeding share class with Distributing LU2046633439 49663241 Until 30.09.2021 (next Quarterly (after 100% 0.60%
a holding period until cutoff on 03.03.2021) end of holding (95-105%)
31.12.2021 (hedged) period)
1 Under certain conditions, other accumulating and distributing seeding share classes are available on request in different currencies with and without currency hedging with a two and a
half, two and one-year lockup period.
2 Effective management fee as of December 20, 2019. The fee may change at any time without prior notice to investors. For the maximum management fee, please refer to the fund’s
prospectus.
3 Subscriptions for these seeding share classes are possible until end of September 2021, with the cut-off date being 20 business days in advance
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 13Unique co-investment feature
Access to direct assets via reputable third-party managers
Eligibility: minimum commitment of USD 5 mn in the fund; fee structure and commitments separate from the fund
Opportunities presented at the fund’s discretion to co-invest alongside quality third-party managers on specific properties
filtered by deal size and strategy
Eligibility and
Co-investments will be pari passu and proportional to the investor’s commitments in the fund, with an option to increase
general setup
Invested with over 30 target funds, many offering preferred access to co-investment opportunities
Preferential deal flow Portfolio management team maintains a global network of additional managers providing a continuous
flow of potential co-investment opportunities
Investment Co-investors will receive due diligence materials on specific opportunities
Insights
process and Opportunities will be presented with a defined business plan prepared by the third-party manager
management
Management Investments are led by quality third-party managers with existing relationships to the fund
Reporting Ongoing reporting and updates are provided to co-investors on each of the properties
Source: Credit Suisse
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Investment case – Australian office fund
Target fund Investment highlights
Investment strategy Core Acquisition of secondary units through
Country Australia proprietary network of CSAM
Sectors Office Purchase of units at a 2% discount to NAV as
Type Open-ended of March 2019.2
Inception date April 2004 Low leverage ratio of c. 19%
Legal Australian wholesale Attractive return outlook underpinned by strong
structure unit trust and managed
leasing activity and delivery of non-core projects
investment scheme
in the near to medium term.
Key metrics Investment strategy
Fund size (GAV) AUD 7,107m The fund holds a prime quality office portfolio in
Number of assets 12 Sydney and Melbourne. The Fund will look to
enhance returns through active asset and capital
Leverage 18.7% management, together with selective participation in
Occupancy 95.2% development and acquisitions.
WALE1 5.6 years
Number of tenants 321
Source: Credit Suisse
Data as of Q3 2020 Melbourne, Australia
Note: These investment examples are for illustrative purposes only.
Historical performance data and financial market scenarios are not reliable indicators of future performance.
1 Weighted average unexpired lease term.
2 Forecast based on the estimates of the target fund. These forecasts are no reliable indicators of future performance.
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Investment case– German Office Fund
Target fund Investment highlights
Investment strategy Value-add Continuing urbanization fuels demand for office
Country Germany space in inner-city locations
Sectors Office Office vacancies in top 7 cities in Germany have
Type Closed-end been declining from 10% in 2006 to a historic
low of 3% in 2019
Key metrics Particular focus on Berlin, benefiting from
Target Fund size EUR 150m attractive supply / demand dynamics and strong
Number of assets 5 income growth
Leverage 53%
Occupancy 84% Geographic Allocation
WALE1 4.3 years
Investment strategy 13%
The fund focuses on office buildings in 11%
metropolitan regions and growing cities in Germany
and Europe. Primary focus are office properties
with a high potential for value creation. Mixed use
with residential and retail properties are also 76%
possible.
Berlin Regensburg Northern Bavaria
Berlin, Germany
Source: Credit Suisse
Data as of Q3 2020
Note: These investment examples are for illustrative purposes only.
1 Weighted average unexpired lease term.
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Exemplary case study – European light-industrial fund
Target fund Investment highlights
Investment strategy Core plus Investing in a newly launched fund with an
Country Benelux, Germany attractive existing seed portfolio
Sectors Light-industrial Ability to negotiate fund terms and take an
Type Open-ended active position in drafting the legal documents
Ensured casting vote on the investor advisory
Key metrics committee
Fund size (GAV) EUR 103m Benefitting from an immediate valuation uplift at
Number of assets 17 the initial close of the fund
Leverage 28%
Occupancy 100%
Geographic allocation
WALE1 7.5 years
2% Eindhoven
Investment strategy 5%3%
Barendrecht
16% Zwolle
The fund acquires light-industrial, multi-let light 6%
Utrecht
industrial and small logistics properties at attractive 7% Amsterdam
initial yields predominantly in the Benelux countries 14% Boxtel
and Germany. The manager enhances income 8% Heteren
through active asset management, tenant Cuijk
9% 11% Deventer
strategies and capex programs.
9% Rotterdam
10%
Zwolle
Alphen a/d Rijn
Eindhoven, Netherlands
Source: Credit Suisse
Data as of Q3 2020
Note: These investment examples are for illustrative purposes only.
1 Weighted average unexpired lease term.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 17Outlook on markets and regions
COVID–19 crisis
Office Logistics Retail Residential
Before start of Covid-19: structurally Before start of Covid-19: very E-commerce leads to challenges for Younger generation prefers renting
lower vacancies and lower construction dynamic demand from e-commerce traditional retailers vs. Buying
volume (Amazon) Crisis in the US, Australia and the Structural market shifts and more
US and Australia show weak demand, Increasing importance of e- UK is accelerated through Covid-19 restrictive access to mortgages
Europe and Japan currently stable commerce helps logistics to sail well Also weaker demand expected in increase the demand for rental flats
Impact of home office to be seen in through the current crisis Continental Europe Population increase and migration as
the medium-term However, rent increases will be growth drivers
Generally negative impact of the weaker in the future
recessionary environment on office
rents
Popular markets: Popular markets:
Popular markets: Popular markets: Eastern Europe USA (especially sunbelt region)
Japan USA and UK Emerging Asia UK
UK The Netherlands and Germany Korea The Netherlands
The Netherlands and Germany Eastern Europe Japan Japan
Risks / What to avoid? Risks / What to avoid? Risks / What to avoid? Risks / What to avoid?
USA San Francisco, NY, Exposure Big, old industrial buildings Recommended to underweight the Cities exposed to tourism
to commodity sector Exposure to global trade is a risk sector globally High rise in US inner cities
Insolvencies of various tenants, low Already very aggressive pricing Growing cap rates in continental Low initial yields in Europe
credit quality Supply risk in the greater Tokyo area Europe in 2020 Demographic developments in
Long tenant contracts Old retail concepts, second class Japan as long-term risk for
Pricing in London despite Brexit locations residential properties outside Tokio
Co-working Provider with weak Oversupply in the UK and USA and Osaka metropolitan regions
balance sheets (e.g. Wework) Berlin (political risk)
Hong Kong, Tier 1 China ahead of
significant value correction
Source: Credit Suisse
Last data point: September 2020
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Real estate markets in the US – Q3 2020
Office Logistics Retail Residential
The US office rental market weakened Online sales grew 23% in Q3 2020 Weak fundamentals persist. Net Weakest overall quarter in history.
further. Net absorption was negative at compared to Q3 2019 absorption at -14 million m2 However, this is heavily influenced
-28.8 million m2 (Q2: -8.9 million) by NY and SF, with rents falling
42nd quarter in a row with positive This sector is expected to continue
7.2% and 5.7% from Q2 2020
Risk premiums remain at record highs net absorption. Low vacancy rate of to underperform the broad NCREIF
in US cities and are likely to limit 4.7% and continued positive growth Index in Q4 2020 and 2021 Rent development still positive in the
decline in valuations in rents Sun Belt and for rented single family
(Sources: REIS, Credit Suisse)
dwellings
(Sources: JLL, Credit Suisse) (Source: CBRE)
(Sources: REIS, Credit Suisse)
Spread between prime real estate and 10-year government bonds Total return for investment properties in US versus previous quarter
Global comparison of risk premiums for real estate investments Further outperformance for logistics properties in the US
600
500 4%
400 3%
300 2%
200 1%
100
0%
0
-1%
-100
-200 -2%
-300 -3%
-4%
Paris
Singapur
Madrid
London
Berlin
Chicago
Frankfurt
Amsterdam
N.Y.
Tokio
Sydney
Brisbane
-5%
Sep 20
Historical average 2001–2019
June 2007 (peak prices before financial market crisis)
Sources: PMA, Credit Suisse Sources: Datastream, Credit Suisse
Historical performance and financial market scenarios are not reliable indicators of future results.
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Real estate markets in Europe – Q3 2020
Office Logistics Retail Residential
Only a minor dip in the office Demand for rentals continues to Restructuring is likely to continue. Demand remains solid for
fundamentals so far. Net initial yields rise. During Q1–Q3 2020, rented Retailers scaling back their branch residential. Trend of working from
stable spaces rose 7% over the same networks (e.g. Zara/Inditex) home is good for residential
period of the previous year demand.
Vacancies up slightly by 40 bp to Trend of rising capitalization rates
6.4%. Positive rent growth of 1.9% Capitalization rates stable or and declining rents is likely to We expect rents to slightly increase
compared to Q3 2019. Slowdown declining further continue or remain stable in 2020.
anticipated for Q4 2020 and 2021
(Source: Credit Suisse) (Source: Credit Suisse) (Source: Credit Suisse)
(Sources: JLL, Credit Suisse)
Net initial yield for top office real estate in % Gross rental space turnover for logistics spaces in top six countries
Net initial yields remain low in the EU during Q3 2020 – up slightly in the UK In the first nine months, space turnover rose 7% versus the same period of
the previous year.
5.0
25
4.5
20
4.0
in million m2
15
3.5
10
3.0
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2016 Q2
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
5
0
Europe ex UK UK 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Q1-Q3 Q4
Sources: PMA, Credit Suisse Sources: BNP Paribas, Credit Suisse
Historical performance and financial market scenarios are not reliable indicators of future results.
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Real estate markets in Asia-Pacific – Q3 2020
Office Logistics and Retail Residential
The rental situation is deteriorating further for office Valuations for retail spaces are declining further. In Asia-Pacific, transaction volumes were 38%
markets in Australia and Singapore. Decline in Average cash values in APAC fell 16% in Q3 lower in Q3 2019 than in Q3 2019. The
effective rents. 2020 compared to Q3 2019 international travel restrictions are still hurting
Logistics real estate continuing to develop transaction activity
Japan and South Korea still supported by positive
positively, but not as strongly as in Europe and the
rent growth, while Hong Kong is experiencing a Capitalization rates for office space remain stable in
US
significant correction Japan, Singapore, South Korea, and Australia.
They continue to rise in Hong Kong.
(Source: Credit Suisse) (Source: Credit Suisse)
(Source: Credit Suisse)
Rents and capital market values Office prime rents
Aggregate for Asia-Pacific, Q3 2020 YoY Comparison of vacancy rates and office rents
4% 4
Rent change Q3 /20 vs. Q3/19
2% 2 Seoul
0% Tokyo
0
-2% -2 Beijing
-4%
-4
-6% Shanghai
-6 Singapur
-8% Melbourne
-10% -8
-12% -10 Sydney
-14% -12
-16% -14
-18% -16 Hong Kong
Office Retail Logistics -18
Rents Capital market values 0 5 10 15 20 25
Sources: CBRE, Credit Suisse Sources: CBRE, Credit Suisse Office vacancy rate in %
Historical performance and financial market scenarios are not reliable indicators of future results.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 21Leading real estate platform with a global presence
Credit Suisse Asset Management Global Real Estate at a glance
Frankfurt
Number 1
in Switzerland
London
Top 3 Top 20
in Europe globally
Zurich
New York A track record in
Lausanne Milan real estate management
since 1938
Singapore
CHF 68.6 bn in AuM
CHF 51.6 bn in direct
São Paulo investment vehicles1
Over 1,300 properties
in 14 countries
Cities where real estate is owned
Locations of Credit Suisse Asset Management Global Real Estate
Location of Credit Suisse Hedging-Griffo 30 listed and unlisted
products and mandates
Sources: ANREV/INREV/NCREIF Fund Manager Survey 2019, Credit Suisse
Last data point: December 31, 2019
1 Includes assets under management in direct and indirect investment vehicles, with indirect investment vehicles being managed by the Credit Suisse Asset Management Equities business.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 22Contact information
Sven Schaltegger MRICS, CFA, CAIA
Lead Portfolio Manager
Credit Suisse (Lux) Multi-Manager Real Estate Global
Director, Indirect Real Estate
Kalandergasse 4
8045 Zurich
Switzerland
Phone +41 44 332 61 391
sven.schaltegger@credit-suisse.com
www.credit-suisse.com
1 Please note that telephone calls to our numbers may be recorded. We assume that, by calling us, you accept this business practice.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 23Appendix
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 24Credit Suisse (Lux) Multi-Manager Real Estate Global
Target return composition, exemplary illustration in USD (hedged)
9.0%
8.0% –0.6%
7.0% +0.6%
(approximate
6.0% 2.3%–4.3% FX hedging effect)
5.0%
6.3%–8.3% 6.3%–8.3%
4.0% 5.7%–7.7%
3.0%
2.0% 4.0%
1.0%
0.0%
Income return (local Appreciation return Total gross return* (local Costs on fund level** Unhedged net return Hedging costs (USD)*** Hedged net target
currencies) (local currencies) currencies) return (USD)
Source: Credit Suisse
All information as at Q3 2020.
* Total gross return after management fees of target funds, but before management fee of Credit Suisse.
** The graph shows the applicable management fee for seed investors (SBPH-II/SAPH-II). The effective management fee depends on the respective share class. Additionally, the
position includes accounting, custody and other costs.
*** Estimated blended hedging cost for a hedged share class in USD (hedged).
Target return based on a long-term investment time horizon. Target return is not a projection, prediction, or guarantee of future performance, and there is no
certainty that the target return will be achieved. Target return is based on the historical performance of potential target funds and on assumptions on future
performance. Return target is based on the analysis and evaluation of investment opportunities by the portfolio manager, independent market data and
numerous investment-specific assumptions which, under certain circumstances, are not consistent with future market conditions, thereby significantly
impacting actual investment performance.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 25Credit Suisse (Lux) Multi-Manager Real Estate Global
Target return composition, exemplary illustration in EUR (hedged)
9.0%
8.0% –0.6%
–0.5%
7.0%
6.0% 2.3%–4.3%
5.0%
6.3%–8.3%
4.0% 5.7%–7.7%
5.2%–7.2%
3.0%
2.0% 4.0%
1.0%
0.0%
Income return (local Appreciation return Total gross return* (local Costs on fund level** Unhedged net return Hedging costs (EUR)*** Hedged net target
currencies) (local currencies) currencies) return (EUR)
Source: Credit Suisse
All information as at Q3 2020.
* Total gross return after management fees of target funds, but before management fee of Credit Suisse.
** The graph shows the applicable management fee for seed investors (SBPH-II/SAPH-II). The effective management fee depends on the respective share class. Additionally, the
position includes accounting, custody and other costs.
*** Estimated blended hedging cost for a hedged share class in EUR (hedged).
Target return based on a long-term investment time horizon. Target return is not a projection, prediction, or guarantee of future performance, and there is no
certainty that the target return will be achieved. Target return is based on the historical performance of potential target funds and on assumptions on future
performance. Return target is based on the analysis and evaluation of investment opportunities by the portfolio manager, independent market data and
numerous investment-specific assumptions which, under certain circumstances, are not consistent with future market conditions, thereby significantly
impacting actual investment performance.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 26Credit Suisse (Lux) Multi-Manager Real Estate Global
Target return composition, exemplary illustration in CHF (hedged)
9.0%
8.0% –0.6%
–0.8%
7.0%
6.0% 2.3%–4.3%
5.0%
6.3%–8.3%
4.0% 5.7%–7.7%
4.9%–6.9%
3.0%
2.0% 4.0%
1.0%
0.0%
Income return (local Appreciation return Total gross return* (local Costs on fund level** Unhedged net return Hedging costs (CHF)*** Hedged net target
currencies) (local currencies) currencies) return (CHF)
Source: Credit Suisse
All information as at Q3 2020.
* Total gross return after management fees of target funds, but before management fee of Credit Suisse.
** The graph shows the applicable management fee for seed investors (SBPH-II/SAPH-II). The effective management fee depends on the respective share class. Additionally, the
position includes accounting, custody and other costs.
*** Estimated blended hedging cost for a hedged share class in CHF (hedged).
Target return based on a long-term investment time horizon. Target return is not a projection, prediction, or guarantee of future performance, and there is no
certainty that the target return will be achieved. Target return is based on the historical performance of potential target funds and on assumptions on future
performance. Return target is based on the analysis and evaluation of investment opportunities by the portfolio manager, independent market data and
numerous investment-specific assumptions which, under certain circumstances, are not consistent with future market conditions, thereby significantly
impacting actual investment performance.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 27Credit Suisse (Lux) Multi-Manager Real Estate Global
Benefits and risks
Benefits Risks
Easy access to the best real estate managers worldwide – Limited liquidity compared to listed investment products
quarterly subscriptions and redemptions, active management, Real estate fund values may fluctuate (for instance,
and low minimum investment because of changes in economic circumstances, interest
Structured investment process and an experienced investment rate developments, or unfavorable local market conditions)
team with a successful track record in global real estate Risks associated with the purchase, financing, ownership,
investing, plus representatives from research and teaching
operation, and sale of real estate
Very high diversification (by region, sector, manager, building
Legal and tax risks associated with investments in real
type, tenants, market cycle)
Professional management with many years of experience and estate funds
an excellent track record in global real estate investing, as well
as access to the global network and expertise of the Credit
Suisse Asset Management real estate and equity teams
The product’s investment objectives, risks, charges, and expenses, as well as more complete information about the product are provided
in the Prospectus which should be read carefully before investing.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 28Credit Suisse (Lux) Multi-Manager Real Estate Global
Investment Committee
John
Davidson Christoph Filippo Sven
Professor Dr. oec. Bieri Rima Schaltegger
publ., CAIA CEFA CFA MRICS, CFA, CAIA
Professor John Davidson began his career Christoph Bieri, Director, is Head of the Filippo Rima is Managing Director of the Sven Schaltegger, Director, is Senior
as a member of the Alternative Funds Indirect Real Estate team. He studied Private Banking & Wealth Management Portfolio Manager in the Indirect Real Estate
Advisory private equity team for UBS Global business administration and economics at division in Zurich. He is Head of Equities in team. He holds a master’s degree in finance
Asset Management in Zurich, where he the University of Bern, qualified as a Certified the Asset Management business. Filippo with "magna cum laude" distinction from the
served until 2005. After that, he joined Swiss International Investment Analyst (CIIA) at the Rima joined Credit Suisse Asset University of Zurich and is a CFA charter
Re, where he was one of the chief architects Swiss Training Centre for Investment Management in September 2005 from holder, CAIA charter holder, and a member
of a global portfolio of indirect real estate Professionals (AZEK) and in 1988 earned a Winterthur Asset Management, where he of the Royal Institution of Chartered
investments with 27 institutional real estate certificate of proficiency for real estate was a senior portfolio manager on the equity Surveyors (MRICS). Before he joined Credit
funds and a volume of CHF 1.4 billion. Major fiduciaries. After working on a construction team. Prior to that, he worked at a private Suisse in 2016, he was a senior manager
activities included selection of funds, due statistics project for the Swiss Federal Swiss bank for four years as an equity and head of real estate M&A at
diligence coordination and portfolio Statistical Office for three years, Christoph analyst. Filippo Rima holds a degree in PricewaterhouseCoopers Switzerland. Prior
management, as well as representing Swiss joined Zürcher Kantonalbank in 1994 as a business administration from the University to that, he worked at SCM Strategic Capital
Re on respective advisory boards. Since the financial analyst for the banking and real of St. Gallen (HSG) and a degree in civil Management (now Mercer Private Markets)
fall of 2009, Professor John Davidson has estate sectors and was a member of the engineering from the Swiss Federal Institute and Partners Group (PG) as a real estate
been Co-Head of Real Estate at the Lucerne structured Swiss equity mandate team. In of Technology (ETH) in Zurich. He is a CFA investment manager. At PG, he was a
University of Applied Sciences and Arts. 1999, he started working at Banca del charter holder and a member of the Index member of the investment committee for a
Gottardo, where he was responsible for Commission of the SIX Swiss Exchange. listed real estate fund. After completing his
setting up the Swiss equity research team. studies, Sven Schaltegger was first
Christoph joined Credit Suisse in 2002 as a employed at UBS Global Asset
Portfolio Manager, where he set up the Management, where he worked in global real
Indirect Real Estate product group he estate product development and
continues to manage. management in Zurich, and later as a Junior
Portfolio Manager of a Core pkys fund with
UBS Realty Investors in Hartford, Connecticut,
US.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 29Credit Suisse (Lux) Multi-Manager Real Estate Global
Expert Board
John
Davidson
Professor Dr. oec.
publ., CAIA Werner Heinz
Richli Tschabold
CEFA CAIA
Werner Richli, Director, is a Senior Portfolio Manager Heinz Tschabold, Director, is a Senior Portfolio
in the Indirect Real Estate team. He graduated in Manager in the Real Estate Securities team. He
Christoph business administration from the University of Zurich graduated in Business Administration from the
and is a Certified Financial Analyst and Asset Manager University of St. Gallen (HSG) and has a master’s
Bieri
CEFA (TCIP). From 1987, he worked as a financial analyst in degree in finance. Following his academic studies, he
Credit Suisse Investment Banking and assisted various worked as financial analyst at UBS Warburg and
companies such as Kaba, Swisscom, Geberit, and assisted Swiss companies in the machinery and
Swiss Prime Site with their initial public offerings. In electrical engineering fields. In 2002, he joined Credit
2003, he joined Credit Suisse Asset Management. Suisse and was responsible for implementing
There, he developed real estate research and was quantitative models in the real estate sector. Since
responsible for the asset allocation of the first real 2006, he has been responsible for mandates in the
Filippo Rima estate fund investing internationally, Real Estate Fund area of international real estate investments. As
CFA International. This was followed in 2006 by the portfolio manager of the Credit Suisse (Lux)
development of the mandate business for international European Property Equity Fund, he is also
real estate investment and the management of the responsible for the selection of companies and funds
Credit Suisse (Lux) Infrastructure Equity Fund. from German-speaking markets.
Sven
Schaltegger
MRICS, CFA, CAIA
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 30Credit Suisse (Lux) Multi-Manager Real Estate Global
Portfolio Management (1/2)
Sven
Schaltegger
MRICS, CFA,
Lead Portfolio
Manager
Philip Signer
CFA
Fabian Egg
Philip Signer, Assistant Vice President, is an Fabian Egg, Assistant Vice President, has worked
investment professional in the Indirect Real Estate in the Indirect Real Estate team since 2019.
Heinz team. He holds a master’s degree in banking and He graduated with a first class honors degree in
finance from the University of St. Gallen (HSG), management studies (BSc) from the London School
Tschabold
CAIA
complemented by studies at the Seoul National of Economics and initially worked for Goldman
University (SNU) in South Korea, and is a CFA Sachs in London, focusing on the acquisition and
Charterholder. Before joining Credit Suisse in 2015, asset management of Pan-European Real Estate
Philip worked in Investment Management at Zurich and Distressed Debt. During his three years at
Insurance Group as an Investment Performance Goldman Sachs, he also worked for the Mortgage
Analyst. He then joined Credit Suisse, working in Trading team in New York and Dallas, gaining
Advisory Portfolio Management in the Investment experience in the American market.
Solutions and Products area, and was responsible for
the construction and optimization of multi-asset-class
portfolios for advisory clients.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 31Credit Suisse (Lux) Multi-Manager Real Estate Global
Portfolio Management (2/2)
Fabian Stäbler Marcel Kaufmann
Fabian Stäbler, Director, is a Product Specialist in the Indirect Real Estate team Marcel Kaufmann, Director, screens and selects real estate funds in the Indirect
and Business Manager in Asset Management Equities. He studied business Real Estate team. He holds a master’s degree in strategy and organization from
engineering at the University of Applied Sciences and Arts Northwestern the University of St. Gallen and studied at SNU Seoul National University on the
Switzerland (FHNW). Fabian joined Credit Suisse in 2009 and worked initially as MBC program. He was a partner at Advanta Capital, a private equity advisory
Business and Project Manager in Asset Management Switzerland & EMEA in company that he co-founded, built up and sold. Before that, he worked as a
Zurich. After working in Asset Management in Hong Kong in 2011, he led the private markets investment professional for SCM Strategic Capital Management
expansion of the Asset Management area in Singapore. In 2013, he became (today Mercer Private Markets), Evolvence Capital (Dubai, UAE) and Swiss Re,
local COO for Asset Management in Singapore and was then responsible for where he was responsible for sourcing, evaluating and executing private equity,
supervising local activities, product and platform management as well as infrastructure and real estate transactions (primaries, secondaries, co-
business and strategy development. Before joining Credit Suisse, Fabian worked investments).
for four years for Swiss Life Asset Management as a Business Process
Engineer and Business Analyst.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 32Credit Suisse (Lux) Multi-Manager Real Estate Global
Your contacts
Oliver Smith Fabian Linke
Product Specialist Product Specialist
oliver.smith@credit-suisse.com fabian.linke@credit-suisse.com
Phone +41 44 332 25 97 Phone +41 44 334 25 74
Oliver Smith, Director, has 15 years of professional experience in the real estate Fabian Linke, Director, has 15 years of professional experience in the real estate
business. He is a Product Specialist covering real estate for Credit Suisse Asset business. He has been responsible for business development of international
Management. Oliver joined Credit Suisse Asset Management in 2018, initially investing in real estate products managed from Zurich. Fabian started his career
working in the Product Development and Management team covering the Global at Credit Suisse as a banking intern in 2004. In 2006, he joined Credit Suisse
Real Estate franchise. In that role, he had a broad remit encompassing all new Asset Management, where he was responsible for institutional distribution of
and existing real estate funds. His prior real estate experience includes real collective investment vehicles including real estate solutions in Switzerland. In
estate advisory at PricewaterhouseCoopers in Munich and Zurich, real estate 2008, he assumed responsibility for real estate strategies and advisory services
investing and business development at Brookfield Asset Management in Sydney, at Credit Suisse Asset Management Global Real Estate. Up to 2015, he
and real estate investment banking and unlisted capital raisings at Macquarie oversaw capital increases, IPOs, and initial issues worth over CHF 8 bn. In
Capital in Sydney. Oliver holds a Bachelor of Actuarial Studies and a Bachelor of 2015, he left Credit Suisse to go to Swiss Prime Site and then to Swiss Finance
Laws from Australian National University. He has strong experience in real & Property Group before returning to Credit Suisse Global Real Estate as a
estate investment, business development, capital raisings, and advisory. Business Developer in 2018. Fabian holds a BA in Banking and Finance from
the ZHAW Zurich University of Applied Sciences and an MA in Real Estate from
the University of Zurich.
CREDIT SUISSE ASSET MANAGEMENT The disclaimer found at the end of this document also applies to this page. December 2020 33Disclaimer (1/2)
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. and CREDIT SUISSE AG
Switzerland, Argentina, Austria, Bahamas, Bahrain, Belgium, Bolivia, Brazil, Czech Republic, Chile, Colombia, Costa Rica, Cyprus, Denmark, DIFC, Dominican Republic, Ecuador, Egypt,
Finland, France, Ghana, Greece, Honduras, Hungary, Israel, Italy, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Lichtenstein, Luxembourg, Mexico, Monaco, Netherlands, Nicaragua,
Nigeria, Norway, Oman, Qatar, Pakistan, Panama, Paraguay, Peru, Poland, Portugal, Romania, Russia, Saudi Arabia, Slovak Republic, Spain, Sweden, Tanzania, Turkey, UAE, Ukraine,
Uruguay, Venezuela.
Source: Credit Suisse, otherwise specified.
Unless noted otherwise, all illustrations in this document were produced by Credit Suisse Group AG and/or its affiliates with the greatest of care and to the best of its knowledge and belief.
The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective
or independent research. The information provided herein is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction. The information provided herein
was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. CS provides no guarantee with regard to the content and
completeness of the information and where legally possible does not accept any liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are
unaudited. The information provided herein is for the exclusive use of the recipient. Neither this information nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S.
person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). It may not be reproduced, neither in part nor in full, without the written permission of CS. The key risks of real
estate investments include limited liquidity in the real estate market, changing mortgage interest rates, subjective valuation of real estate, inherent risks with respect to the construction of buildings and
environmental risks (e.g., land contamination). CS Real Estate SICAV - SIF I - Credit Suisse (Lux) Multi-Manager Real Estate Global: This fund is not registered in Switzerland. They may only be sold to
qualified investors pursuant to art. 10 paras. 3 to 4 of the Federal Collective Investment Schemes Act (CISA). The representative in Switzerland is Credit Suisse Funds AG, Zurich. The paying agent in
Switzerland is Credit Suisse (Switzerland) Ltd.
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