Credit Suisse Asset Management has completed the sale of Tower Bridge House, E1 to Malaysia’s Employees Provident Fund.
The pension fund bought the 185,000 sq ft (18,000 m2) office block, formerly known as K2, for around £140m (€159.6m), reflecting a yield of 5.2%.
The asset was held by Credit Suisse’s frozen CS Euroreal fund. The sales price is 7.5% lower than Credit Suisse’s last reported book value of €172.5m as of 31 March 2011.
In Germany, Credit Suisse sold two retail assets to RREEF. It sold a 7,985 m2 property in the Prager Strasse in the city of Dresden. The asset’s last reported book value was €52.3m as of 31 March. In Leipzig, Credit Suisse sold a 19,800 m2 asset, located on Markt 11-15. The property was last valued at €82.6m.
Credit Suisse said the sales helped to boost the liquidity of its CS Euroreal fund, which has been frozen since May 2010, to €1.29bn or 21%.
