Standard Life Investments to reopen UK property fund

Standard Life Investments, the fund arm of insurer Standard Life, said on Monday it planned to reopen its UK Real Estate Fund at midday on October 17th, after asset sales helped bolster the fund's liquidity amid a broader market recovery.

The fund was one of several to suspend trading in the weeks after Britain's vote to leave the European Union, as many retail investors asked for their money back, worried that the market for commercial property would take a hit.

After being suspended on July 4th following an “unprecedented level of redemptions”, the firm said it had sold a number of properties to help it raise sufficient cash to meet the investor demands to redeem.

“We now believe the commercial real estate market has stabilised and that the adequate level of liquidity achieved will allow the suspension to be lifted,” it said in a statement.

SLI, which has £269 billion in assets under management, invests £18.7 billion across its direct real estate, public listed real estate and real estate debt funds. – (Reuters)