Credit Suisse Real Estate Fund Siat 2020 capital increase
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Credit Suisse Real Estate Fund Siat 2020 capital increase CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. Real Estate Switzerland August 2020
Overview
1 Key facts, profile, and strategy 4 Key figures
2 Residential real estate market 5 Properties in the fund's net assets
3 2020 issue 6 Reasons to invest
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 2
Credit Suisse Real Estate Fund Siat
Key information regarding planned issue
Planned issue
Credit Suisse Asset Management Global Real Estate is carrying
out an issue for the Credit Suisse Real Estate Fund Siat (CS
REF Siat, 1 291 370) with a volume of CHF 155.4 million.
The issue will take place from August 24, 2020, to
September 4, 2020.
The capital increase will preserve the subscription rights of
existing unitholders.
The proceeds of the issue will be used to grow the high-quality
real estate portfolio.
There are ongoing and planned projects amounting to CHF 496
million, intended purchases amounting to CHF 186 million, and
a gross yield of approx. 3.8%.
Source: Credit Suisse Asset Management (Switzerland) Ltd. | Historical performance data and financial market scenarios are not reliable indicators of future
performance.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 3
Credit Suisse Real Estate Fund Siat
Profile and investment strategy
Profile Investment policy
A predecessor fund was established in 1938 and in 2001 was Investments in high-yield residential real estate and selected
merged with CS REF Siat – CS REF Siat is therefore the oldest commercial properties located in strong urban economic regions
Swiss real estate fund. in Switzerland.
Largest residential real estate fund in Switzerland with a market Concentration on qualitative portfolio growth and the continuous
value as of March 31, 2020, of CHF 3,350.1 million and modernization of properties held in the portfolio.
177 properties (including projects and ground leases). The fund invests in sustainable projects and properties.
Attractive investment return of 7.63% as of
September 30, 2019.
Steady distribution of CHF 5.40, equal to a direct yield of
2.69% as of September 30, 2019.
Traded on the SIX Swiss Exchange.
The fund currency is the Swiss franc (CHF).
The fund holds the real estate indirectly.
Source: Credit Suisse Asset Management (Switzerland) Ltd.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 4
Overview
1 Key facts, profile, and strategy 4 Key figures
2 Residential real estate market 5 Properties in the fund's net assets
3 2020 issue 6 Reasons to invest
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 5
Credit Suisse Real Estate Fund Siat
The residential real estate market at a glance
Impact on the rental accommodation market Temporary slump in rental apartment demand
• Decrease in immigration by 15,000 persons
(-30%) expected.
• Recession, downturn in consumer sentiment, and fewer small
households owing to budget constraints will lead to a softening
of demand within Switzerland.
• Residential construction activity was already falling before
COVID-19 – further slowdown is likely.
• Average vacancy rate in the rental accommodation segment
expected to rise from 2.64% to over 2.9% (forecast from
Swiss Real Estate Economics).
• Rents expected to fall moderately. Sources: Swiss Federal Statistical Office, Credit Suisse, 2020
Outlook for the CS REF Siat Supply of rental apartments records temporary dip
• Despite declining demand, there are various stabilizing factors
on the rental accommodation market:
Demand for residential property is not substitutable.
Supportive impact of the social security systems (short-term
working, unemployment insurance) and the federal
government's immediate measures.
Rents in existing rental agreements are protected and linked
to the reference rate.
Growing awareness accommodation quality due to increase
in working from home.
Reduced supply of new builds.
Sources: Meta-Sys AG, Credit Suisse
• The CS REF Siat offers attractive rent potential due to the
large portfolio of over 6,200 properties built up over recent
decades.
Source: Credit Suisse, June 2020 Swiss Real Estate Monitor: "COVID-19 impacts on commercial property"
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 6
Overview
1 Key facts, profile, and strategy 4 Key figures
2 Residential real estate market 5 Properties in the fund's net assets
3 2020 issue 6 Reasons to invest
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 7
Credit Suisse Real Estate Fund Siat
Key figures on the capital increase
Type of issue Best-effort basis with subscription rights trading
Subscription period Monday, August 24 to Friday, September 4, 2020, 12:00 (CET)
Subscription rights trading Monday, August 24 to Wednesday, September 2, 2020
Payment of securities subscribed September 11, 2020
Issue price CHF 161.00 net per unit
Subscription ratio 16:1 (16 existing to one new unit)
Target volume CHF 155.4 million
2.50% of NAV (included in the issue price)
Issuing commission Partial reimbursement of the 0.75% issuing commission with the purchase of least
7,500 new shares (corresponds to approx. CHF 1.2 mn)
Security number: 1 291 370
Fund unit identifier
ISIN: CH001 291 370 0
Security number: 55 620 237
Subscription rights identifier
ISIN: CH055 620 237 9
Source: Credit Suisse Asset Management (Switzerland) Ltd.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 8
Credit Suisse Real Estate Fund Siat
Portfolio expansion
Ongoing projects
Location Utilization Total volume Remaining amount Gross yield Development
Dübendorf, "Giessenturm" 56% residential, 44% commercial CHF 127 mn CHF 32 mn 4.27% 2018–2021
Dübendorf, "Am Giessenplatz" 100% residential CHF 34 mn CHF 20 mn 3.71% 2019–2021
Spreitenbach, "Tivoli Garten" 1 68% residential, 32% commercial CHF 140 mn CHF 120 mn 4.29% 2020–2024
Lugano, "Agli Orti" 100% residential CHF 23 mn CHF 0.6 mn 3.71% 2018–2020
Lugano, "Via Molinazzo" 100% residential CHF 18 mn CHF 0.6 mn 3.85% 2018–2021
Planned projects
Location Utilization Total volume Remaining amount Gross yield Development
Dübendorf, "Giessen Lab" 2 75% residential, 25% commercial CHF 44 mn CHF 31 mn 3.60% 2021–2022
Liestal, "Lüdin Areal" 2 85% residential, 15% commercial CHF 76 mn CHF 55 mn 3.60% 2023–2025
Lugano-Massagno, "Via Ciusarella 5" 2 100% residential CHF 34 mn CHF 16 mn 3.25% 2021–2023
Projects for intended purchases
Region Utilization Total volume Probability Gross yield Development
Central Switzerland 3 100% residential CHF 58 mn 75% 3.80% 2020–2024
City of Zurich 3 95% residential, 5% commercial CHF 80 mn. 75% 3.20% 2020–2025
Western Switzerland, Lake Geneva 3 100% residential CHF 46 mn 75% 3.35% 2020–2022
Region Total volume Remaining amount Gross yield Development
Total ongoing projects, planned projects, and acquisition projects CHF 680 mn CHF 481 mn 3.82% 2018–2025
150% joint ownership (under leasehold). | 2 Realization dependent on legal effect of building permit. | 3 Negotiations advanced (exclusive). Construction to start when
building permit becomes legally binding.
Source: Credit Suisse Asset Management (Switzerland) Ltd. | Historical performance data and financial market scenarios are not reliable indicators of future
performance.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 9
Credit Suisse Real Estate Fund Siat
Ongoing projects
Key figures: Phase two, "Giessenturm" Key figures: Phase three, "Am Giesenplatz" Key figures: Spreitenbach, "Tivoli Garten"1
Usage type Mixed Usage type Residential Usage type Mixed
Property/project Project Property/project Project Property/project Project
Completion February 2021 Completion September 2021 Completion 2024
No. of apts 130 No. of apts 36 No. of apts 220
Commercial 7,924 m2 Commercial None Commercial 11,500 m2
Target net rent/vacant 5.48 mn / 0% Target net rent/vacant CHF 1.20 mn / n.a. Target net rent/vacant CHF 13.40 mn / 80%
Project costs approx. CHF 127.4 mn Project costs approx. CHF 34 mn Project costs approx. CHF 139.5 mn
Expected gross yield 4.27% Expected gross yield 3.71% Expected gross yield 4.29%
1 50% joint ownership (under leasehold).
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 10Credit Suisse Real Estate Fund Siat
Ongoing projects
Key figures: Lugano, "Residenza agli Orti" Key figures: Lugano, "Via Molinazzo 8"
Building type Residential Usage type Residential
Property/project Project Property/project Project
Completion June 2020 Completion January 2021
No. of apts 43 No. of apts 55
Target net rent/vacant CHF 0.83 mn / 19% Target net rent/vacant CHF 0.69 mn / 92%
Project costs approx. CHF 22.48 mn Project costs approx. CHF 17.70 mn
Expected gross yield 3.85% Expected gross yield 3.90%
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 11Credit Suisse Real Estate Fund Siat
Planned projects
Key figures: Liestal, "Lüdin Areal" 1 Key figures: Phase four, "Giessen Lab" 1 Key figures: Lugano-Massagno, "Via Ciusarella 5"
Usage type Mixed Usage type Mixed Usage type Residential
Property/project Project Property/project Project Property/project Project
Completion 2025 (Planned) year of construction From 2021 Completion Fall 2023
No. of apts 130 No. of apts 54 No. of apts 70
Commercial 1,850 m2 Commercial 1,600 m2 Commercial none
Target net rent/vacant CHF 2.70 mn / 0% Target net rent/vacant CHF 1.60 mn/n.a Target net rent/vacant CHF 0.71 / n.a.
Project costs approx. CHF 76 mn Project costs approx. CHF 44.4 mn Project costs approx. CHF 34.62 mn
Expected gross yield 3.60% Expected gross yield 3.60% Expected gross yield 3.25%
1 Realization dependent on legal effect of building permit.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 12Credit Suisse Real Estate Fund Siat
Planned purchases
Key figures: Central Switzerland project 1 Key figures: City of Zurich 1 Key figures: Western Switzerland, Lake Geneva 1
Usage type Residential Usage type Residential Usage type Residential
Property/project Project Property/project Project Property/project Project
Completion 2020–2023/24 Completion 2025 Completion 2022
Number of apartments 101 Number of apartments Approx. 80 Number of apartments 60
Commercial None Commercial 360 m2 Commercial None
Target net rent/vacant CHF 2.20 / n.a. Target net rent/vacant CHF 2.60 mn / n.a. Target net rent/vacant CHF 1.65 mn / n.a.
Project costs CHF 58 mn Project costs approx. CHF 80 mn Project costs approx. CHF 46 mn
Expected gross yield 3.80% Expected gross yield 3.20% Expected gross yield 3.35%
1 Negotiations advanced (exclusive). Construction to start when building permit becomes legally binding.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 13Overview
1 Key facts, profile, and strategy 4 Key figures
2 Residential real estate market 5 Properties in the fund's net assets
3 2020 issue 6 Reasons to invest
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 14Credit Suisse Real Estate Fund Siat
Financial highlights
Annual reports Sept. 30, 2018 Sept. 30, 2019 March 31, 2020
Fund's net assets in CHF million 2,290.3 2’375,8 2 335,4
Market value of properties in CHF million 3,007.6 3’304,7 3 350,1
Premium/debt discount 25.99% 30,61% 34,46%
Distribution per unit in CHF 5.40 5.40 n/a
Direct yield 2.89% 2,69% n/a
Payout ratio 102.63% 103,94% n/a
Investment return 5.31% 7,63% 1,85%
Debt financing ratio (in % of market value) 13.93% 18,71% 21,09%
Total expense ratio (TERREFGAV) 0.71% 0,67% 0,68%
Total expense ratio (TERREFMV) 0.69% 0,71% 0,71%
Rental default rate 4.23% 4,94% 5,39%
Source: Annual and semi-annual reports for CS REF Siat
Last data point: March 31, 2020
1 Calculated for twelve months (Oct. 1, 2018 – Sept. 30, 2019)
Past performance and financial market scenarios are not reliable indicators of future results.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 15Credit Suisse Real Estate Fund Siat
Key figures (1/3)
Distribution in CHF
6.00 Key takeaways
5.50
Stable annual distribution
5.00
4.50
4.00
3.50
3.00
2.50
2015 2016 2017 2018 2019
5.0%
Rental default rate
Direct yield
4.5%
3.0% 4.0%
2.9% 2.9% 3.5%
2.9%
2.8% 2.8% 2.8% 3.0%
2.8% 2.7% 2.7% 2.5%
2.7% 2.7%
2.7% 2.0%
2.6%
2.6% 1.5%
1.0%
2.5% 0.5%
2.4% 0.0%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
fund benchmark
Source: Credit Suisse Asset Management (Switzerland) Ltd.
Last data point: Sept. 30, 2019
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 16Credit Suisse Real Estate Fund Siat
Key figures (2/3)
Investment return Cashflow yields
10% 8.80% 6%
7.63% 4.89%
8% 5%
3.87% 3.87% 3.80% 3.75%
5.51% 5.31% 4%
6%
4.06% 3%
4%
2%
2%
1%
0% 0%
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Rolling performance Annual performance
30% 28.5% 27.8%
25%
20.7%
25%
20% 17.3%
20% 15%
10.4%
8.8%
15% 10% 6.8% 6.6%
12.2% 5.6%
4.2%
10% 5%
7.1%
3.9% 4.6%
0%
5%
1.8% 0.9% 0.5%
0.1% -5%
0% -5.3%
-1.2% -10%
-2.1% -9.1%
-5%
-15%
1 month 3 months YTD 1 year 3 years 5 years 2015 2016 2017 2018 2019
fund benchmark
Source: Credit Suisse fund benchmark
Last data point: Investment return: Sept. 30, 2019 / Performance: July 31, 2020
For quarterly returns over the last five years, see slide 26 – Past performance and financial market scenarios are not reliable indicators of future results.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 17Credit Suisse Real Estate Fund Siat
Key figures (3/3)
Ten largest tenants Remaining life of rental agreements
70.0% 66.0%
Genossenschaft Migros Basel 1.3%
60.0%
Infront Sports & Media AG 1.2%
50.0%
Holcim Group Services Ltd. 1.1%
WAULT: 4.21 years
40.0%
Genossenschaft Migros Ostschweiz 0.8%
30.0%
Cofra Holding AG 0.7%
City Garage AG 0.5% 20.0%
9.6%
Coop Rechtsschutz Ag 0.5% 10.0% 4.4% 3.9% 4.1%
2.8% 3.5% 2.5% 0.5% 0.8% 1.3%
Bénédict Schule AG 0.4% 0.0%
Credit Suisse 0.4%
AOT Trading 0.4%
Structural allocation by actual net rental income Geographical distribution
6.9% 1.5% 1.2% 5.8%
13.3%
1.9% 11.6%
38.4%
Offices Zurich
7.9%
Residential 2.4% Eastern Switzerland
4.2%
Retail Central Switzerland
Cinemas/hotels/restaurants Northwestern Switzerland
Parking Bern
Other 21.4% Southern Switzerland
Warehousing Lake Geneva region
5.3%
67.5% 11.2%
Western Switzerland
Source: : Credit Suisse Asset Management (Switzerland) Ltd. | Last data point: September 30, 2019
1 Weighted data on the basis of annual rent
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 18Credit Suisse Real Estate Fund Siat
Sustainability approach and key figures
Sustainability initiatives Global Real Estate Sustainability Benchmark
Building certificates Building optimization ESG performance
Internal External Energy CO2 ESG performance
standard standards efficiency reduction and benchmark ESG distribution GRESB
Internal standard: Collaboration with Annual measurement of Fund score Peer group GRESB average
greenproperty quality Siemens Switzerland ESG performance in
seal applies ESG criteria to improve energy the environment (E),
efficiency and reduce social (S), and 98 94 87
External standards: 83 79 84
CO2 emissions governance (G) 59 64 65
e.g. Minergie, SNBS, categories, as well as
DGNB, LEED, Energy Short-term building benchmarking versus
Star, BREEAM, etc. optimization measures the market and peer
(low capex) group with Global Real
E S G
Long-term Estate Sustainability
refurbishments Benchmark (GRESB)
depending on building life Energy efficiency and CO2 emissions 2010-2018
cycle
(high capex)
Electricity: Heat: Energy: CO2 emissions:
-13% -3% -4% -9%
Source: Credit Suisse Asset Management (Switzerland) Ltd. | Last data point: September 30, 2019
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 19Overview
1 Key facts, profile, and strategy 4 Key figures
2 Residential real estate market 5 Properties in the fund's net assets
3 2020 issue 6 Reasons to invest
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 20Credit Suisse Real Estate Fund Siat
Properties in the fund's net assets (extract)
Horgen Neuchâtel Morges Sargans
Hintere Etzelstrasse 23, 25 / «Jardin du Lac» Avenue Paderewski 26a – 26c Rheinstrasse 49, 51, 53
Einsiedlerstrasse 208
Residential property Residential property Residential property Residential property
Purchase date: Jan. 31, 2003 Purchase date: Jul. 16, 2014 Purchase date: May 26, 2011 Purchase date: March 18, 2011
Year built: 2006 Year built: 2016 Year built: 2013 Year built: 2012
Market value: CHF 16.52 mn Market value: CHF 21.47 mn Market value: CHF 36.2 mn Market value: CHF 21.1 mn
Gross yield: 4.15% Gross yield: 4.84% Gross yield: 5.00% Gross yield: 4.88%
0.5% of the portfolio 0.6% of the portfolio 1.1% of the portfolio 0.6% of the portfolio
Data point as of Sept. 30, 2019 | Past performance and financial market scenarios are not reliable indicators of future results
Source: Credit Suisse Asset Management (Switzerland) Ltd.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 21Credit Suisse Real Estate Fund Siat
Properties in the fund's net assets (extract)
Pregny-Chambésy Langenthal Lucerne Zurich
Chemin des Cornillons «Hopferen III» «Citybay» Gottfried-Keller-Str. 7
Residential property Residential property Residential property Commercial property
Purchase date: Oct. 5, 2000 Purchase date: Feb. 21, 2012 Purchase date: Feb. 2, 2009 Purchase date: Sept. 1, 1958
Year built: 2002 Year built: 2013 Year built: 2011 Year built: 1966
Market value: CHF 68.5 mn Market value: CHF 21.8 mn Market value: CHF 34.4 mn Market value: CHF 58.7 mn
Gross yield: 5.92% Gross yield: 4.62% Gross yield: 4.35% Gross yield 4.36%
2.1% of the portfolio 0.7% of the portfolio 1.1% of the portfolio 1.8% of the portfolio
Data point as of Sept. 30, 2019 | Past performance and financial market scenarios are not reliable indicators of future results
Source: Credit Suisse Asset Management (Switzerland) Ltd.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 22Credit Suisse Real Estate Fund Siat
Properties in the fund's net assets (extract)
St. Gallen Zug Basel Zurich,
Neumarkt 1 / Neumarkt 2 Grafenauweg 4, 6, 8, 10 Schorenweg 20, 22, 30, 32 «Sihlcity»
Commercial property Commercial property Residential property Commercial property
Purchase date: 1959 / 1962 Purchase date: Dec. 1, 1998 Purchase date: Mar. 1, 1959 Purchase date: Jun. 26, 2003
Year built: 1963 / 1967 Year built: 1993 Year built: 1961 Year built: 2007
Market value: CHF 90.1 mn Market value: CHF 128.7 mn Market value: CHF 49.8 mn Market value: CHF 93.6 mn
Gross yield: 6.43% Gross yield: 5.33% Gross yield: 3.85% Gross yield: 5.59%
2.7% of the portfolio 3.9% of the portfolio 1.5% of the portfolio 2.8% of the portfolio
Data point as of Sept. 30, 2019 | Past performance and financial market scenarios are not reliable indicators of future results
Source: Credit Suisse Asset Management (Switzerland) Ltd.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 23Credit Suisse Real Estate Fund Siat
Reasons to invest
Oldest real estate fund in Two-thirds of all income Long-standing steady
Switzerland comes from residential usage distribution
Qualitative growth and
The market value of all
properties is Investment focus continuous
CHF 3,350.1 mn on residential real estate modernization of the
portfolio
Diversified portfolio with Attractive project pipeline in Attractive investment
excess of CHF 180 mn
177 properties return of 7.63%
Data point as of September 30, 2019 | Historical performance data and financial market scenarios are not reliable indicators of future performance.
Source: Credit Suisse Asset Management (Switzerland) Ltd.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 24Credit Suisse Real Estate Fund Siat
Your contacts
Portfolio Manager Fund details
Fund domicile Switzerland
Samuel Egger Fund currency CHF
Product Management End of financial year September 30
Sihlcity – Kalandergasse 4 Issue date September 10, 1956
8070 Zurich Management fee 0.49% p.a.
TERREFGAV 0.67%
Fund's net assets (in CHF mn) 2,375.8
samuel.egger@credit-suisse.com Total fund assets (in CHF mn) 3,339.4
Tel. +41 44 333 89 86 Number of properties 181 properties
(incl. projects/ground
leases)
Product Specialist
Distribution as of Dec.12, 2019 (in
Christian Braun, CIIA CHF) 5.40
Product Specialist Real Estate Direct yield 2.69%
Sihlcity – Kalandergasse 4
8070 Zurich
Rate of loss of rental income 4.94%
Debt financing ratio 18.71%
christian.braun@credit-suisse.com Bloomberg SIAT SW
Tel. +41 44 333 44 00* Security number 1291370
ISIN CH012913700
* Please note that telephone calls to our numbers may be recorded. We assume that, by calling us, you accept this business practice.
Source: Credit Suisse Asset Management (Switzerland) Ltd.
Key figures from semi-annual and annual reports.
Historical performance data and financial market scenarios are not reliable indicators of future performance.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 25Credit Suisse Real Estate Fund Siat
Key figures – quarterly returns
Q1 Q2 Q3 Q4
quarterly returns net BM rel. net BM rel. net BM rel. net BM rel.
2015 8.29% 8.16% 0.13% -5.31% -4.86% -0.45% 2.23% -1.52% 3.75% 0.72% 2.80% -2.08%
2016 7.97% 3.79% 4.18% 0.51% 2.57% -2.06% -0.40% 0.88% -1.27% 2.09% -0.50% 2.59%
2017 7.00% 4.57% 2.43% 1.41% 2.49% -1.08% -4.43% -2.82% -1.61% 4.91% 2.35% 2.56%
2018 -3.21% -1.86% -1.35% -1.79% -0.76% -1.02% -2.91% -1.82% -1.09% -1.50% -0.99% -0.51%
2019 6.32% 8.46% -2.14% 3.21% 4.15% -0.94% 2.45% 1.03% 1.42% 4.38% 5.73% -1.35%
2020 -0.54% -3.45% 2.91% 3.25% 1.87% 1.38% n.a. n.a. n.a. n.a. n.a. n.a.
1 month 3 months YTD
net BM rel. net BM rel. net BM rel.
2020 -2.14% 1.78% -3.92% -1.25% 0.87% -2.12% 0.49% 0.11% 0.38%
Source: Credit Suisse / Datastream
Last data point: July 31, 2020
Past performance and financial market scenarios are not reliable indicators of future results.
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 26Credit Suisse Real Estate Fund Siat
Risks and risk mitigation
Risk Mitigation
Limited liquidity compared with larger listed investment products Thorough due diligence prior to purchase of any property
Continuous monitoring of individual investments, rental markets,
The values of properties may fluctuate, for example due to the and the macroeconomic environment by our Global Real Estate
following: Strategy team
Unfavorable changes in supply or demand that negatively impact Local internal and external experts on regulatory framework
the acquisition/sale or rental of properties conditions and taxes
Development of interest rates and/or currencies Broad portfolio diversification through carefully selected
Taxes or changed regulatory conditions in the respective properties
markets Investments primarily through equity and a carefully selected
Environmental risks level of debt capital absorb negative interest rate developments
Disasters
Force majeure and terrorism
CREDIT SUISSE ASSET MANAGEMENT (Switzerland) Ltd. The disclaimer at the end of this document also applies to this page. August 2020 27Disclaimer
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.
The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice. They are derived from sources believed to be
reliable.
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 Fund Siat: This fund is domiciled and registered in Switzerland. The fund management company is Credit Suisse Funds AG, Zurich. The custodian bank is Credit Suisse
(Switzerland) Ltd, Zurich. The prospectus, the simplified prospectus and/or the Key Investor Information Document (KIID) and the annual and half-yearly reports may be obtained free of
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