Credit Suisse Real Estate Fund International has bought four office properties in the US and UK.
The Swiss-based bank said it has acquired an office in Boston and Washington DC in the US and Bristol and Leeds in England. The offices were bought for approximately CHF266.5 million (€175 million; $262 million).
Entry into the US market and re-entry into the British market comes in the wake of a “phase of substantial corrections” on the real estate markets, it said in a statement. “In addition to interesting returns, all the properties harbour promising potential for long-term appreciation in value as well,” it added.
Launched at the beginning of 2005, the CS REF International real estate fund has taken advantage of some severe slumps in property prices in the US and UK.
The properties include 1099 New York Avenue in Washington DC, which Credit Suisse acquired for $90.5 million. It was completed as a development by Tishman Speyer. Law firm Jenner & Block, is the primary tenant.
In Boston, the firm acquired Independence Wharf for $106 million. Meanwhile, in Bristol it has bought Temple Quay for £21.5 million and Leeds City Office Park in Leeds for £15 million. The fund had exited the UK market in 2007 and the transaction marks its return to the country.
“In a first step toward re-entry, the focal point of acquisition activity is directed on regionally robust and dynamic economic centres such as Bristol and Leeds,” said Credit Suisse.