SJP, Columbia Threadneedle, BMO Global Asset Management, LGIM, ASI, Kames Capital and Janus Henderson have all suspended their open-ended UK property vehicles due to valuation concerns amid the ongoing pandemic-driven market sell-off.
St. James's Place has confirmed the suspensions of the £1bn AUM Property unit trust, as well as the £200m AUM Property Life and £1.2bn AUM Property Pension funds. In a statement SJP said that in line with the view with other fund valuers, the firm's counterpart CBRE are "currently unable to accurately or fairly value the properties" within the funds, which must therefore be gated. They added: "The inability to accurately price property funds is a challenge for the entire property investment sector at present, rather than St. James's Place funds in isolation. "A number of other comm...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
