Legal and General Investment Management (LGIM) has announced it intends to reopen its UK property funds as of noon on 13 October 2020.
In an update on its website, the board of the funds' authorised fund manager, Legal & General Unit Trust Managers (LGUTM), has stated it is "now confident" that the three criteria it initially set out for the fund to reopen have been met. Firstly, material uncertainty clauses apply to less than 20% of the assets in the portfolios and the risk of going over 20% following reopening is limited. Secondly, the LGUTM board is satisfied that valuations from the funds' independent valuer, Knight Frank, remain accurate and reflective of the market for transactions. Finally, the funds' liqui...
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