Temporary suspension of property funds - March 2020

Which funds are affected?

The following funds join the M&G property fund which remains suspended. See M&G article.

 Why is this happening?

As the coronavirus pandemic has created material uncertainty over the value of UK property, the appointed valuers for each of the funds' direct property holdings are unable to provide accurate and reliable valuations of their underlying assets.

These suspensions are in line with the new Financial Conduct Authority (FCA) rules set to come into force in September which - in the best interest of investors - require property funds to temporarily suspend dealing if a valuation is materially uncertain for 20% or more of the assets held in the fund.

The temporary fund suspensions have therefore been implemented to safeguard the interests of all investors whilst allowing the independent valuers to better understand the impact that the coronavirus crisis is having on direct property market valuations.

The managers will look to lift their fund suspensions as soon as it is appropriate to do so.

What does this mean for customers invested in one of these funds?

 These temporary fund suspensions mean that customers are currently unable to pay into, or make withdrawals from any of the above named funds until they start dealing again.

If customers have any ongoing transactions that are impacted by these suspensions, we'll let you know what action they can take. If customers don't have an adviser, we'll contact them directly.

We will continue to update our website when we receive further information. If you have a policy query, please call us on 0345 129 9993. We're here from 8.30am to 5.30pm, Monday to Friday.