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CS Real Estate SICAV-SIF I – Credit Suisse (Lux)CS Real Estate SICAV – SIF I - Credit Suisse (Lux)European Core Property Fund PlusInvestment Company with Variable Capital under Luxembourglaw – R.C.S. Luxembourg B 178 987Semi-annual reportat June 30, 20181
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusTable of contentTable of content .1General Administration .3Letter to investors .5Management Report.11Statement of changes in the number of shares issued .15Consolidated statement of Investment Property .17Investment Commentary .18Risk Management .20Interim condensed consolidated statement of financial position .21Interim condensed consolidated statement of comprehensive income .26Interim condensed consolidated statement of changes in net assets .27Interim condensed consolidated statement of cash flows .28Supplementary Statement of INREV Net Asset Value .29Statement of net asset value per share .29Notes to the semi-annual report .30Glossary .442
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusGeneral AdministrationThe SubfundCS Real Estate SICAV-SIF I –Credit Suisse (Lux) European Core Property Fund Plus (the “Subfund”), has beenestablished on July 14, 2015 as an open-ended Alternative Investment Fund for an unlimited period of time.It is a subfund of CS Real Estate SICAV-SIF I which has been established on July 12, 2013 in the legal form ofan investment company with variable capital (Société d’Investissement à Capital Variable, SICAV) inaccordance with the 2007 Law, for an unlimited period.The overall investment objective of the Subfund is to invest its assets in a wide range of real estate assets andother assets permitted to a specialized investment Subfund governed by the 2007 Law with the purpose ofspreading investment risks and affording its investors the results of the management of its portfolio.Board of DirectorsRoger Baumann, Director, Credit Suisse Asset Management (Switzerland) Ltd., ZurichNina Egelhof, Director, Credit Suisse Fund Management S.A., LuxembourgRudolf Kömen, Director, Credit Suisse Fund Management S.A., LuxembourgGuy Reiter, Director, Credit Suisse Fund Management S.A., LuxembourgFernand Schaus, Director, Credit Suisse Fund Management S.A., Luxembourg3
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusManagement and Statutory BodiesRegistered Office5, rue Jean MonnetL-2180 LuxembourgGrand Duchy of LuxembourgAIFMCredit Suisse Fund Management S.A.5, rue Jean MonnetL-2180 LuxembourgGrand Duchy of LuxembourgBoard of Directors of the AIFMGebhard Giselbrecht, Managing Director, Credit Suisse AssetManagement (Switzerland) Ltd., ZurichThomas Nummer, Independent Director, LuxembourgRudolf Kömen, Director, Credit Suisse Fund Management S.A.,LuxembourgDaniel Siepmann, Managing Director, Credit Suisse FundServices (Luxembourg) S.A., LuxembourgLegal AdvisorClifford ChanceSociété en commandite simple10 boulevard G.D. CharlotteL-1330 LuxembourgGrand Duchy of LuxembourgAuditor of the SubfundPricewaterhouseCoopers, Sociétécoopérative2, rue Gerhard MercatorL-1014 LuxembourgGrand Duchy of LuxembourgSwiss RepresentativeCredit Suisse Funds AGUetlibergstrasse 231CH-8070 ZurichSwitzerlandCentral AdministrationCredit Suisse Fund Services (Luxembourg) S.A.5, rue Jean MonnetL-2180 LuxembourgGrand Duchy of LuxembourgSwiss Paying AgentCredit Suisse AGParadeplatz 8CH-8001 ZurichSwitzerlandDepositary and Paying AgentCredit Suisse (Luxembourg) S.A.5, rue Jean MonnetL-2180 LuxembourgGrand Duchy of LuxembourgIndependent External ValuerJones Lang LaSalle GmbHWilhelm-Leuschner-Strasse 78D-60329 Frankfurt am MainGermanyInvestment AdvisorCredit Suisse Asset Management ImmobilienKapitalanlagegesellschaft mbHTaunustor 1D-60310 Frankfurt am MainGermany4
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusLetter to investorsReport by Subfund ManagementThe Master fund’s four properties in Amsterdam, Dublin, Dusseldorf and Stuttgart have performed well in thefirst six months of 2018. Being nearly fully leased with WALT of almost eight years, the portfolio continues toprovide a long-term stable cash flow. The properties’ valuations have benefited from positive marketdevelopments, resulting in an increase of 1.8% in the portfolio’s value.Mainly driven by rental surplus and the portfolio’s appreciation in value, the IRR of 8,51% achieved since thesubfunds launch is above the mid- to long-term target yield of 5 % to 6 % p.a. In June 2018, the first semiannual distribution for 2018 was paid to investors. The distribution of EUR 2,8 million or EUR 28,40 per unitrepresented an income distribution return of 3.71 % p.a.New commitments of EUR 16.5 million for the Master fund were raised in the fifth closing in May 2018 bringingtotal commitments up to EUR 116.5 million. Commitments in the amount of EUR 35.0 million were calledshortly thereafter, in May 2018, to provide the equity financing for the next property acquisition. Fundmanagement has agreed with the seller on exclusivity for a newly built and long-term leased office property inKrakow in Poland. Krakow is the second largest city in Poland and a dynamically growing center for businessservices. In addition, during July 2018 exclusivity has been granted on an office property in the historicalcenter of Dublin, with long-term rental agreements to several government tenants overall, 88% of thecommitments have been called so far.In addition, the fund was renamed “Credit Suisse (Lux) European Core Property Fund Plus” in June 2018.“Core” was integrated in the name in order to better reflect the conservative nature of the fund’s investmentstrategy. The “Plus” stands for the second innovative part of the investment concept which differentiates itfrom other core real estate funds in the market, the active, but cost-efficient approach in cooperation withSiemens, to reduce CO2-emissions and operating costs in order to strengthen the competitiveness of theproperties. Additional share classes have been introduced, including institutional share classes with reducedmanagement fees for commitments above EUR10 million. Investors with commitments above EUR 40 millionwill be given the possibility to join the Investor Committee. Finally, since the beginning of 2018, NAV is nowcalculated on a quarterly basis starting as of Q1 2018, and distributions are paid on a semi-annual basis.Subfund management continues to screen the market for new properties to add to the portfolio, in particularin The Netherlands, Spain and Germany in order to be ready for additional investments after the fund’s nextclosing scheduled for October 31, 2018.Market EvolutionEconomy, Inflation and Interest RatesThe economic environment has remained supportive in all global regions in the first half of 2018 backed bysolid domestic demand. Employment growth is solid in all global regions, as unemployment rates are grindinglower globally. Since trade disputes between US and other major countries have intensified towards the end ofQ2 2018, the outlook is somewhat clouded and price action in financial markets has become more volatile.However, most leading consumer and business surveys have documented that economic confidence remainspositive; So Credit Suisse Research only expects some slowdown in economic activity for 2018 and 2019 butnot an end of the current economic upturn.In Europe we observed in H1 2018 some economic slowdown from the very strong 2017 figures especially inthe export oriented industries. This is not primarily due to the trade dispute between the EU and US but due tothe strengthening Euro. But we believe the slowdown is a healthy one. It not only prevents the economy fromoverheating but gives the ECB time before the normalization of interest rates, as upward inflationary pressuresare still lacking; The continued low interest rate environment allows for a further strengthening of the balancesheets of corporates and private households in Southern Europe. Credit Suisse does not expect the ECB toincrease interest rate before mid-2019 following the recent dovish ECB meeting.After a real GDP growth of 2.6% in 2017 we are looking for a real GDP growth of 2.2% in the Eurozone this yearand 2.0% next year. Ireland continues to remain the most dynamic country in the Eurozone with a projectedGDP growth of 5.7% in 2018. The 2018 forecasts are pointing to solid growth in the Netherlands (3.0%)Germany (2.1%), France (1.8%) as well. Outside the Eurozone Poland’s economy continues grow dynamicallywith an estimated GDP growth of above 4% in 2018.5
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusThe UK however is still bound back by the uncertainties emanating from its decision to leave the EU. While theeconomy is not in a crisis and the labor market remains in a strong situation, the country continues tounderperform vs. the European average. Especially the consumer sector has softened due to the higherinflation. So we project for the UK an economic growth for the of 1.3% in 2018 and 1.5% in 2019. As inflationarypressures remain, we also believe that the BoE will increase the key policy rate from 0.5% to 1.0% over the next12 months.Real Estate marketsEuropean Real Estate has continued to remain in favor of many investors looking for yield and diversificationto their financial portfolios. As bond yields remain historically low (German 10y government bond yielded 30bps at the end of Q2 2018) real estate investments are still characterized by risk premia that are above theirhistorical average. So for many investors looking for yield real estate remains one of the few games in town.Pricing has remained competitive during H1 2018 and yields continued to decline in practically all Europeancountries due to the improving rental markets. Rental growth for commercial real estate has accelerated inmost cities throughout Europe, as the construction activity is still at historical lows and demand is sanguine.In addition to cyclical trends the office and logistics segments are benefiting from structural trends. In theoffice market we have seen a strong trend toward flexible office space. Providers such as We Work, Spaces,Regus have been a strong driver of leasing activity and accounted ca. for 6% of office take up in Europe overthe last twelve months. The trend towards online shopping continues unabated. While these creates some majorchallenges for some physical retailers, it also has translated in a higher demand for logistics space.These shifts are the most pronounced in the UK. In Central London Wework is already the 2nd largest tenantafter the British Government and flexible office space providers accounting for over 10% of office space takeup. The market environment for the retail sector has become more challenging, as most retailers using thelegal possibility via CVA (company voluntary agreements) to lower their rents and reduce their physicalpresence. At the same time logistics rents are growing over 5% p.a. in the prime logistics hubs in the UK.Due to the low construction activity and the positive trend in the economy we believe that rental growth islikely to continue to remain positive in most cities in the Eurozone and to be the primary source of capitalgrowth going forward, as the yield levels are likely to stabilize. German, Dutch and French cities are likely torecord strong rental growth over the next two years; We also see appealing entry opportunities in strongeconomic cities in Poland, such as Warsaw or Krakow as here yield levels are substantially higher.In London we see some challenges for the rental market in 2018 and 2019, as there is a surge of office projectsto be completed in these years. We anticipate the market rents to continue to drop by another 10%; Thesituation is anticipated to normalize in 2020 and we are positive on London mid-term.To sum up, we continue to believe that 2018 is likely to be another positive year for real estate investors inEurope, as the economic and interest rates environment continues to remain supportive for the real estatemarket.InvestmentThe Subfund has invested primarily in real estate opportunities located in the Netherlands, Ireland andGermany.6
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusSubfund factsThe following figures are expressed in EUR:Key dataLocationSubfund domicileSubfund currencySubfund termClose of financial yearInvestment periodFirst closing dateLuxembourg City, Grand Duchy of LuxembourgLuxembourgEURUnlimited periodDecember 31Open endedApril 15, 2016June 30, 2018104,869,613110,330,714106,600,0000.6% Class I5, 0.5% ClassI10, 0.45% Class I50, 0.4%Class I100, 0% Class X, 0%Class DDecember 31, 201770,512,719110,431,388104,660,0000.6% Class C, 0% Class DTotal ReturnIncome returnTotal Expense ratio (TER)Real Estate Expense Ratio (REER)Net Operating Income Yield (NOI Yield)Total Return of CapitalIRR net of management feesJune 30, 20185,84%3,52%0.53%1.66%2.15%2,28%8,51%December 31, ed income returnPaid-in capital (PIC) multipleTotal value to Paid-in capital (TVPI) multipleCumulative distributions to Paid-in Capital (DPI) multipleResidual Value to Paid-in Capital (RVPI) multipleJune 30, 20183,71%0,881,070,041,03December 31, 20173.00%0.671.080.021.06June 30, 2018EUR96,078,104104,869,6133,800,0003,62%December 31, 2017EUR60,587,76570,512,7191,000,0001.42%INREV NAVAcquisition cost of propertiesMarket value of propertiesManagement fees in % p.a.Key figuresDistributionUnit Class currencyIFRS Net AssetINREV NAVDistribution valueDistribution yield in %An amount of EUR 2,800,000 has been distributed during the period ended June 30, 2018 (December 31,2017: EUR 1,000,000).7
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusCapital and commitmentsKey figuresJune 30, 2018115,720,00014,250,000101,470,000---December 31, 201799,270,00032,800,00066,470,000---Cumulated redemptionsCapital calls recorded subsequent to the period endbut before the release of the annual report----------Details of redemption requests received but notprocessed------Total commitmentsUndrawn commitmentsCumulated drawn commitmentsReturns of capitalCapital contribution since inceptionAs at December 31, 2015IncreaseDecreaseAs at December 31, 2016IncreaseDecreaseAs at December 31, 2017IncreaseDecreaseAs at June 30, 2018Total Net AssetsContributed (NoShareholder 0,00035,000,000--101,470,000Total CapitalContributed 66,470,00035,000,000--101,470,000Total CapitalDrawn --66,470,00035,000,000--101,470,000Total dividenddistributionsTotal Interest Paidon 0--3,800,000Distribution since inceptionAs at December 31, 2016IncreaseDecreaseAs at December 31, 2017IncreaseDecreaseAs at June 30, 2018EUR--1,000,000--1,000,0002,800,000--3,800,0008
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusEquity capital commitments since inceptionAs at July 1,2016IncreaseDecreaseAs atDecember 31,2016IncreaseDecreaseAs atDecember 31,2017IncreaseDecreaseAs at June 30,2018Total Capital Total CapitalCommitments Drawn Down(By AllInvestors)EUREUR-----Total Capital % Total CapitalCommitment ,000--66,470,00015,955,000--32,800,00016,450,000 35,000,000----115,720,000 101,470,00035,000,000--101,470,000--- 35,000,000 (18,550,000)------88% 117,920,00014,250,000Investment in currenciesAs at June 30, 2018As at December 31, 2017Investments held in EUR106,600,000104,660,000Total investments value in EUR106,600,000104,660,000Net performance in EURAssetsMount Street Dublin Real Estate S.à r.l. (Ireland)Ydek Amsterdam Real Estate S.à r.l. (TheNetherlands)Berliner Allee Düsseldorf RE S.à r.l.Ingersheimer Strasse Stuttgart Real EstateS.à r.l.TotalAssetsMount Street Dublin Real Estate S.à r.l. (Ireland)Ydek Amsterdam Real Estate S.à r.l. (TheNetherlands)TotalNet Performance Value asat June 30, 2018EURAnalysed Net Performanceas at June 30, ,7951,70%2,39%2.15%Net Performance Value asat June 30, 2017EURAnalysed Net Performanceas at June 30, 2017EUR436,201398,7982.02%2.22%834,9992.11%The net performance is the total revenue from investment properties after deduction of the property operatingexpenses.The analysed net performance is a ratio of the net performance of the investment property divided by thecurrent fair value of the investment property.As at June 30, 2018, the net performance from the real estate investment of the Subfund is EUR 2,296,795and the analysed net performance is 2.15%.9
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusTypes of property in %As at June 30, 2018 the Subfund has invested in offices properties.Types of property by main type of useas at June 30, 2018Offices100%Geographical breakdownAs at June 30, 2018, the Subfund has invested in investment properties located in the Netherlands, Irelandand Germany.The following breakdown shows the location of these investment properties based on their fair value as at June30, es2114Market value in EUR65,800,00021,900,00018,900,000106,600,000Share in %62%20%18%100%10
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusManagement ReportGovernanceThe Board of Directors is responsible, while observing the principle of risk diversification, for laying down theinvestment policy and for monitoring the business activity of the Subfund.It may carry out all acts of management and administration on behalf of the Subfund, in particular purchase,sell, subscribe or exchange any securities and exercise all rights directly or indirectly attached to the Subfund’sportfolio of assets.The Board of Directors may, under its supervision, delegate certain of its functions to one or several agentswhom it may consider appropriate.Investment objective and policyThe objective of CS Real Estate SICAV-SIF I is to achieve an attractive return from capital invested in realestate and/or real estate investment structures, while reducing investment risks through diversification acrosscountries, sectors and investments in the subfund: CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund Plus, which hasbeen established for unlimited period of time.The Subfund may invest directly or indirectly through equity or debt instruments of any kind (securitized ornot) or combinations thereof in real estate and/or real estate investment structures of any kind and nature,including real estate loans, real estate derivatives and infrastructure assets, in each case as set forth for eachSubfund. The underlying investments of the real estate investment structures will mainly consist of real estate.These investments may be made via one or more subsidiaries through any kind of debt equity or combinationsthereof and the subfund may grant financing and give guarantees to its subsidiaries; it may also grant securityover its shareholding in the subsidiaries and grant security for any liabilities or contractual obligations of suchsubsidiaries.The selection of whether an investment will be made through equity or debt will depend on the legal and taxset-up of the investment.The Subfund may furthermore hold cash or cash equivalents, including inter alia money market instruments,investments in units of money market funds or units in other real estate funds (including real estate investmenttrusts) provided they are traded on a stock exchange or another regulated market open to the public, or fixedincome securities, for distributions or redemptions and for cash management purposes, or as an intermediaryinvestment prior to the investment of any balance not (yet) invested pursuant to the above.Material changes disclosureIn accordance with the Law of July 12, 2013 on Alternative Investment Fund Managers, we hereby declare thatno material changes occurred during the period to report.Statement of INREV reporting guidelines and complianceThe Directors of CS Real Estate SICAV-SIF I have made an assessment of its level of compliance with the INREVinterim reporting guidelines, principles and best practice requirements as detailed in the INREV guidelines.11
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusManagement Report (cont.)Statement of INREV guidelines and complianceGuidelinesCorporate governanceReportingProperty valuationINREV NAVFee and expense metricsLiquidityData deliveryPerformancemeasurementSustainabilityLevel of adoptionThe compliance with the INREV corporate governance module has not beenconsidered by the Subfund manager.The Subfund manager has complied with all requirements and recommendationsof the INREV reporting module except for the standard data delivery sheet thathas not been completed on a quarterly basis.The compliance with the INREV property valuation module has not beenconsidered by the Subfund manager.The Subfund manager has complied with all requirements and recommendationsof the INREV NAV module.The compliance with the INREV fee and expense metrics module has not beenconsidered by the Subfund manager.The compliance with the INREV liquidity module has not been considered by theSubfund manager.The compliance with the INREV data delivery module has not been considered bythe Subfund manager.The compliance with the INREV performance measurement module has not beenconsidered by the Subfund manager.The compliance with the INREV sustainability module has not been considered bythe Subfund manager.Comments on Subfund performanceThe Subfund had four properties in its portfolio during the period ended June, 2018.The gross operating profit of the Subfund amounts to EUR 2,296,795 (December 31, 2017: EUR 2,224,178).The fair value of the portfolio has increased by EUR 1,940,000. This performance is due to: the increase in fair value of EUR 100,000 of the property in Ireland.the increase in fair value of EUR 900,000 of the property in the Netherlands.the increase in fair value of EUR 1,040,674 of the property in Germany.the decrease in acquisition costs of EUR 100,674 of the property in Germany.The increase in the INREV NAV of the Subfund for the period ended June 30, 2018 is mainly due to additionalcash obtained for future capital expenditures of EUR 30 mil, and net cash generated from the operatingactivities of EUR 2 mil.Financing structureFinancing strategyThe maximum direct or indirect leverage of the Subfund is in principle limited to fifty per cent (50%) of themarket value of all properties of the Subfund as stated in the offering memorandum. The Subfund may alsoborrow short term funds up to a maximum of ten per cent (10%) of its Gross Asset Value, provided the termsof such additional borrowings are consistent with market standards.Hedging strategyAs described in the risk management section, the Subfund will not enter into financial instruments to hedge itsexposure to variable interest rates. As at June 30, 2018 the Subfund has not entered into such instruments.However, in case of exposure to foreign currencies, the fund may enter into financial instruments to hedge thisexposure. As at June 30, 2018 the Subfund has no exposure to foreign currencies.12
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusManagement Report (cont.)Subfund level financing ratioSubfund level loan to valueSubfund level loan to costWeighted average cost of debtWeighted average maturity of debt43,71%42,24%1,21%08/04/2023The senior debt as at June 30, 2018 is composed as follows:LenderPrincipalEURDG HYP18,500,000DeutschePosbank AG 12,000,000DeutschePosbank AG8,700,000DeutschePostbankAG7,400,000Interest Maturity date Years torate permaturityannum(%)Maximum LTVcovenant (%)LTV as at Minimum Debt YieldJune 30,Debtat June2018Yield 30, 2018covenant %15.64%Environmental Performance IndicatorsReferring to leading sustainability reporting standards such as EPRA Best Practices Recommendations onSustainability Reporting and INREV Sustainability Reporting Guidelines, Environmental Performance Indicatorsare core to sustainability reporting. The following section provides a comprehensive overview of relevantenvironmental performance indicators and appropriate measures to enhance the environmental performance.The portfolios’ Energy Star scores is already in the top quartile. Full set of empirical data for properties inAmsterdam an Dublin is expected to be available in 2018. The properties in Stuttgart and Dusseldorf shall beconnected to the Siemens monitoring system in 2018.At this point it is not possible to establish comparisons with previous year to track Portfolio evolution due tostaggered implementation of data monitoring. The table below summarizes the initial assessment ofenvironmental Key Performance Indicators for the portfolio, with the exemption of the Mount Street building.The data for Mount Street is estimated on empirical data gathered within the last 10 months of monitoring.13
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusManagement Report (cont.)Property1Carbon EnergyCO2EnergyWater Contami Certificates/DueStar emissions Consumptio consumptionnationSeal ofDiligenceScorein kgn ininQualityCO2/sqm Kwh/sqm/p. ltr/sqm/p.a.aIR-Dublin,100 MountStreet LowerYes6993262555NoneNL-Amsterdam,Moermanskkade 73-97Yes9053108295NoneDE-Dusseldorf,Berliner Allee26DE-Stuttgart,IngersheimerStraße olioaverage3OtherRatingsNone BER1 B3BREEAMYesHeating476 vsNone104Electricity4 25 vs36Heating463 vsNone136Electricity4 59 vs1061BER Building energy rating, labels differ in the various countriesEPC Energy performance certificate, labels differ in the various countries3Weighted based on square meters4in kWh/sqm p.a. versus benchmark for comparable building2Property: NL-AmsterdamThe property in Amsterdam has strong energy star score and green building certificate. Quick wins to furtherimprove environmental performance have been identified. Energy consumption and costs shall be reduced inthe short-term by optimizing the set-points for heating and cooling and installing a weather forecast system.In the mid- and long-term it is considered to replace the downlights and the pumps for the heating and coolingalong the life cycle. The building is included in the monitoring program and technical works to physicallyconnect the building to the Siemens database have been performed end of 2017. The building s energy systemsperformance is currently under review by an expert from Siemens.Property: IE-DublinThe property in Dublin has just been undergone a substantial refurbishment in 2017. The upgrading works alsoincluded new windows, an air condition and a new terrace at roof level. The building was connected to theSiemens monitoring in the second quarter 2017 and delivers real time data for water and energy consumptionsto the monitoring system. The Building Performance Optimization (BPO) service has been performed in thefirst half of 2018. The BPO - program provides analysis of the climate systems in the building.Corrections and adjustments to the climate systems and Building Management System are commissioned tothe maintenance company. Above that it is recommended to upgrade the air flow system with CO2 sensors oneach floor to reduce outside air floor rate.14
CS Real Estate SICAV-SIF I – Credit Suisse (Lux) European Core Property Fund PlusManagement Report (cont.)Property: DE-DüsseldorfThe estimated Energy Star Rating is 94 (out of 100) is better than the mid-term target level for the overallproperty portfolio ( 75). Current CO2 emission
General Administration The Subfund CS Real Estate SICAV-SIF I -Credit Suisse (Lux) European Core Property Fund Plus (the "Subfund"), has been established on July 14, 2015 as an open-ended Alternative Investment Fund for an unlimited period of time. It is a subfund of CS Real Estate SICAV-SIF I which has been established on July 12, 2013 .
