Credit Suisse's global fund management arm has raised CHF 231 mln (EUR 188 mln) from both private and institutional investors for a new Swiss-listed fund investing exclusively in properties outside Switzerland.

In a statement this week, the company said it has placed 2.3 million units in the newly created Credit Suisse Real Estate Fund Global fund, representing 'a good starting volume especially in light of the difficult international market environment'.

CS REF Global will aim to build up a diversified portfolio, with roughly one third of the assets to be located in European countries (excluding Switzerland), one third in the Asia-Pacific region, and one third in the Americas. The fund will focus on high-quality commercial properties, hedged against currency fluctuations versus the Swiss franc.