Jul
13
Aberdeen Reopens U.K. Property Fund as Investors Change Mind
By-
Asset manager earlier said most sell orders had been reversed
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CEO says real estate is still ‘important’ for investors
Aberdeen Asset Management Plc reopened its 3.2 billion-pound ($4.2 billion) U.K. property fund and feeder trust after a week-long suspension as investors reversed their requests to get their money back.
Aberdeen suspended trading of the fund on July 6 as redemptions soared across the industry on concerns Britain’s shock decision to leave the European Union will hurt commercial property prices. The firm cut the value of the fund’s underlying assets by a further 17 percent last week to stem the requests, after already reducing the value by 3.75 percent. The Scottish fund manager said at the time it wanted to give investors time to reconsider…
Aberdeen Reopens U.K. Property Fund as Investors Change Mind
