Credit Suisse Strengthen Property Fund As It Considers Move To Retail
by Stewart Douglas
Swiss investment bank Credit Suisse has appointed David King, formerly of Axa Real Estate Investment Management, to head the property fund, specialising in investing in the UK market in order to provide returns for its retail investors.
The fund currently controls around £850 million which is invested in a number of property development projects and assets, and has been earmarked for major re-development in the run up to its proposed retail launch, which is expected reasonably soon.
King, previously responsible for European property management in Frankfurt will now be based in London, and has today said that he has ambitious growth plans for the fund over the next five years, suggesting expansion into Europe and the US as possible future growth options.
Alongside King, Credit Suisse also appointed Martin Lamb from Capital & Regional, along with Andrew Hills and Matt Cunliffe from the Prudential real estate investments division, with responsibilities for managing the UK portfolio on a daily basis.
The appointments come off the back of a widespread shake-up at the fund when no fewer that seven members of the Credit Suisse team left to promote their own property fund, seeing the departure of King’s predecessor Glenn Newson.
Speaking today on the move, Credit Suisse said that it may be looking to open its fund to retail investors, and the expertise of King and his team would be more than sufficient to provide satisfactory value.
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