Almost £5bn of investor capital remains locked in open-ended property funds after more than ten months of suspension, despite the recent decision from the Royal Institution of Chartered Surveyors (RICS) to maintain its recommendation that material uncertainty clauses (MUC) are "not generally required".
On 5 January, RICS convened its Material Valuation Uncertainty Leaders Forum and while the potential to reinstate the MUC was "mentioned in passing", the decision was reached to maintain its original recommendation from 9 September 2020. In March 2020, the majority of open-ended UK property funds were forced to suspend as managers cited the application of MUCs as the rationale for doing so. Lockdown restrictions rebuild question of 'widespread material uncertainties' in property sector The most recent conclusion, however, reached between RICS and the 13 independent valuers constitu...
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