Aviva property fund to reopen
Aviva Investors’ Brexit-stricken commercial property fund is to re-open on 15 December, the company has said.
The £1.5bn fund is the last of a number of UK property funds that suspended trading after the EU referendum on 23 June triggered an investor rush to exit.
Others included Aberdeen Asset Management, Standard Life Investments, Canada Life, Columbia Threadneedle and Henderson.
In an email to investors, seen by Reuters, the firm said it had avoided a fire sale during the suspension period but had sold 11 properties totalling £212m to rebuild liquidity at prices “broadly in line with market valuation changes”.
Aviva Investors Real Estate chief executive Ed Casal said: “We have undertaken an orderly sales programme to rebuild liquidity. This has enabled us to obtain the best value for the asset sales while continuing to actively manage the remaining properties in the trust.”