UK Property Funds Suspend Trading after Brexit

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mangomoney
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UK Property Funds Suspend Trading after Brexit Jun 28, 2016 15:59:13 GMT 7

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Post by mangomoney on Jun 28, 2016 15:59:13 GMT 7

Henderson cuts UK Property fund price by 4% on Brexit volatility

Protect remaining investors

Henderson has made a fair value adjustment to the pricing of its £4bn UK Property fund, sending it around 4% lower, as a result of pressures following the UK's decision to leave the EU last week.

The group said it has also asked the fund's independent valuers to temporarily move to providing valuation updates on the vehicle's property portfolio on a weekly basis instead of monthly, so market activity can be reported more efficiently.

more...

www.investmentweek.co.uk/investment-week/news/2462922/henderson-cuts-uk-property-fund-price-by-4-on-brexit-volatility?utm_medium=email&utm_campaign=IW.SP_09.Daily_RL.EU.A.U&utm_source=IW.DCM.Editors_Updates

mangomoney
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UK Property Funds Suspend Trading after Brexit Jul 5, 2016 11:45:24 GMT 7

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Post by mangomoney on Jul 5, 2016 11:45:24 GMT 7

SLI have now gone a step further...

SLI's £2.7bn UK Real Estate fund suspended following redemptions
Post-Brexit outflows from property

Standard Life Investments has suspended trading on its £2.7bn UK Real Estate fund, effective immediately, amid a post-Brexit rush to get out of the asset class.

The firm has suspended trading on the SLI UK Real Estate PAIF and the SLI UK Real Estate income and accumulation feeder funds.

In a statement, SLI said: "Due to exceptional market circumstances, Standard Life Investments has taken the decision to suspend all trading in the Standard Life Investments UK Real Estate Fund (and its associated Feeder Funds) from 12:00 noon on 4 July 2016.

"The decision was taken following an increase in redemption requests as a result of uncertainty for the UK commercial real estate market following the EU referendum result.

"The suspension was requested to protect the interests of all investors in the fund and to avoid compromising investment returns from the range, mix and quality of assets within the portfolio."

The firm said the suspension will end "as soon as practicable", and will be formally reviewed at least every 28 days.

The move comes after SLI adjusted the market value of the fund down last week following concerns over the future for property valuations after the UK voted to leave the European Union. It also moved from normal monthly to weekly valuations for its open-ended UK commercial real estate funds.

Aberdeen, F&C, and Henderson also made similar changes to their property mandates as UK retail investors began to pull out of property, with analysis from rplan.co.uk finding 76% of withdrawals over the weekend following the Brexit vote were from property funds.

As a result of outflows earlier this year, M&G, Henderson and Columbia Threadneedle all changed the pricing structure on their property funds from an offer to a bid basis, while Standard Life Investments moved from offer to mid, and Aberdeen shifted from mid to bid.

www.investmentweek.co.uk/investment-week/news/2463776/slis-gbp27bn-uk-real-estate-fund-suspended-following-redemptions?utm_medium=email&utm_campaign=IW.Daily_RL.EU.A.U&utm_source=IW.DCM.Editors_Updates

Last Edit: Jul 5, 2016 11:45:47 GMT 7 by mangomoney

mangomoney
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Posts: 160

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UK Property Funds Suspend Trading after Brexit Jul 7, 2016 16:50:58 GMT 7

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Post by mangomoney on Jul 7, 2016 16:50:58 GMT 7

Aberdeen UK property fund has now taken further steps...

Update: Aberdeen suspends trading on £580m UK Property fund and cuts price by 17%
Follows moves by various other property funds

Aberdeen Asset Management has temporarily suspended trading in its £580m UK Property fund as well as reducing the price of the fund by 17%, joining a number of other groups in making property fund adjustments amid a post-Brexit rush to exit the asset class.

Trading in the fund, and the Aberdeen UK Property Feeder Unit Trust, has been suspended until 7 July at midday in order to allow shareholders who have placed trades have the option to withdraw if they wish.
...

"Over half of the property fund sector is now on ice, and will remain so until managers raise enough cash to meet redemptions. To do that they need to sell properties, and as any homeowner knows, that is not a quick or painless procedure.

"These funds are therefore likely to be closed for weeks and months rather than simply a matter of days. Clearly, there has been a knee-jerk reaction to Brexit in the commercial property sector, which may moderate over time."

more...
www.investmentweek.co.uk/investment-week/news/2463776/slis-gbp27bn-uk-real-estate-fund-suspended-following-redemptions?utm_medium=email&utm_campaign=IW.Daily_RL.EU.A.U&utm_source=IW.DCM.Editors_Updates

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UK Property Funds Suspend Trading after Brexit

Post by mangomoney on Jun 28, 2016 15:59:13 GMT 7

Post by mangomoney on Jul 5, 2016 11:45:24 GMT 7

Post by mangomoney on Jul 7, 2016 16:50:58 GMT 7

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