Credit Suisse's Asset Management business announces that CS Euroreal, its open ended real estate fund, has achieved an average occupancy rate of 95.5% and rented over 80,000 m² since October 2008 despite ongoing adverse market conditions.
Two major new leases have been signed in the last six months, including a telecommunications company which took 4,776 m² in a property on Ernst]Reuter]Platz in Berlin, and a German nationwide service company with a top credit rating which signed a lease for 14,070 m² of office space in the Millerntor building in Hamburg.
With the extension of various other head leases, CS Euroreal has already exceeded the average level of rental income in recent years for the financial year starting October 2008, achieving its highest level since 2000.
gThis robust performance demonstrates that CS Euroreal is a stable investment even in periods of turbulence,h commented Karl]Heinz Heuss, Managing Director of Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH. gThe high occupancy rate generates a strong and steady rental income, and with nearly 90% of our rental agreements running beyond 2010, CS Euroreal is in a strong competitive position in 2009.h
CS Euroreal owns a broadly diversified portfolio of 113 properties in 56 locations across eleven European countries, with a total of 1.5 million m² of rental space. It returned 4.5% over the period April 2008 to April 2009. The advisor to Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH on renting out properties in Germany was Procenter Immobilien], Management] und Center]Verwaltungs GmbH, which has offices in Berlin, Hamburg, Frankfurt, Dusseldorf and Munich and which is engaged to provide consultancy service to CS Euroreal for office buildings in Germany.