Credit Suisse Real Estate Fund Global, a Swiss core property fund launched in November last year to invest in international property, has acquired two first-class commercial properties in Rotterdam and Munich for a total of CHF 79 mln (EUR 65 mln).

With this purchase, the fund has already invested one third of its issue proceeds.

In the Netherlands, the vehicle has purchased the PortCity III building in Rotterdam. Completed in 2011, the scheme comprises over 6,900 m2 of offices distributed over eight floors. It is part of a complex consisting of four properties and includes 194 parking spaces. The entire building is rented until the end of 2023 to a European oil trading group.

In Munich, CSREF bought Karlshöfe on Karlstrasse. The office building provides 11,500 m2 of office accommodation and 42 parking spaces. It is multi-let with an average weighted rental term of five years.

CS REF Global is listed on the SIX Swiss Exchange and aims to invest around one third of the portfolio in Europe (excluding Switzerland), one third in the Asia-Pacific area, and one third in the Americas.