Credit Suisse Asset Management’s open-ended property fund CS Euroreal has made three sales in Germany and the U.K. for more than €310 million, PropertyEU reports. CS Euroreal has sold two retail properties in Dresden and Leipzig to Deutsche Bank‘s real estate fund management unit Rreef Investment for nearly €140 million. The fund has also sold London-based St. Katharine’s Estate office building to the Malaysian Employees Provident Fund for more than €172 million.
The Leipzig property, which was originally acquired by CS Euroreal in 2005, houses Stuttgart-based textiles company Breuninger. The Dresden property is leased to Hennes & Mauritz, Esprit and New Yorker. NAI Apollo Group’s investment arm and Freshfields Bruckhaus Deringer advised the vendor on both sales. The deals will boost liquidity of the fund to about €1.3 billion or 21 percent of the fund’s asset.
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