ZURICH (Reuters) - The Credit Suisse (SIX:CSGN) 1a Immo PK real estate fund will remain unlisted and not floated in an initial public offering planned for the fourth quarter of 2023, the Swiss bank, which is now a subsidiary of UBS, said on Thursday.
"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," Credit Suisse AG said.
With UBS taking over Credit Suisse earlier this year and in the process of integrating its former rival, the decision would also give allow the newly formed real estate unit within UBS Asset Management to coordinate and refocus its offering.