Aberdeen: UK property funds rebalanced
Aberdeen Asset Management has completed of rebuilding liquidity levels of its UK Property funds, with trading levels stabilising to the extend that no further property sales are required, the group announced.
Aberdeen’s funds were among many UK property funds which ceased trading following the outcome of the EU Referendum, with a total of £17bn of assets being frozen.
Martin Gilbert, CEO at Aberdeen Asset Management, comments: “It is encouraging to see some calm and order returning to the UK property market. While property values have fallen following the UK’s vote to leave the EU, investors do now appear to be taking a more measured assessment of property as a long term investment. Indeed we are seeing some signs of buying activity in light of recent market moves.”
The fund price published by Aberdeen today includes a fair value adjustment of minus 7% to the most recent end-month independent valuation of the underlying property portfolio, reflecting the group’s assessment of the impact of the Brexit vote on underlying property values.