Credit Suisse Drops IPO Plan For Real-Estate Fund

(RTTNews) - Swiss lender Credit Suisse, now part of UBS Group, Thursday said it has dropped its plan for initial public offering of real-estate fund citing low trading volumes for listed Swiss real-estate funds. Credit Suisse 1a Immo PK real estate fund will remain unlisted.

The IPO was planned for the fourth quarter of 2023.

Credit Suisse said, "Due to the renewed fall in trading volumes on the market for listed Swiss real estate funds compared with the previous year; (an IPO) would likely have led to significantly higher volatility in the event of a stock exchange listing."

With the move, the newly formed real-estate unit within UBS Asset Management would be allowed to coordinate and offer real-estate investment services.

Last year, the bank had postponed the fund's IPO citing market conditions and the high volatility.