Credit Suisse to sell German properties valued at 700m euros

[BERLIN] Credit Suisse Group AG is selling commercial buildings in Germany valued at about 700 million euros (S$1.2 billion) as it liquidates property mutual funds in the country, two people with knowledge of the matter said.

Brookfield Financial is managing the sale, said the people, who asked not to be identified because the matter is private. Some of the 20 properties being sold are held by Credit Suisse's CS Euroreal fund and include the German headquarters of Royal Philips NV in Hamburg, one of the people added.

A spokeswoman at Zurich-based Credit Suisse and a spokesman at Brookfield Financial, a unit of Toronto-based Brookfield Asset Management Inc, declined to comment.