The real estate investment arm of Credit Suisse has picked asset servicing specialist Caceis to administer its German funds.

Crédit Agricole subsidiary Caceis said the deal demonstrates a “growing trend among German market real estate fund managers for activity outsourcing”.

The group recently extended its fund administration offering in Germany by launching a full set of asset servicing capabilities to clients in the country last month.

"We are exporting our international fund administration experience to German real estate fund managers in response to the growing demand for outsourcing solutions,” said Joe Saliba, deputy chief executive of Caceis.

Frank Schäfer, managing director of Credit Suisse Asset Management Immobilien KAG, said the agreement allows the firm to “focus resources on core competencies of conception and management of real estate investment products for our investors.”

 “The RFP process enabled us to carefully consider all relevant aspects of outsourcing our fund administration needs to a servicing provider,” Schäfer added.