Standard Life Investments has suggested it could re-open its £2.5bn UK Real Estate PAIF at the end of the year, following the footsteps of other fund groups, who have also signalled suspensions will be lifted.
The property fund has been gated since 1 July as it was “unable to meet redemption requests” following the EU referendum, SLI’s head of real estate David Paine said today.
He said he was hoping for an “orderly reopening” for the fourth quarter of the year.
Paine says: “We are moving towards an orderly reopening. It would be our intention based on the progress we are making to re-open in the fourth quarter. It is something we are focusing on. We are looking to assess the level of potential redemptions that might follow a re-opening.
“We will give our investors advanced notice when we have a specific date.”
The group declined to disclose the amount of liquidity buffer within the fund.
Henderson this week revealed it plans to re-open its property fund this month, while M&G says it is doubling its cash cushion to facilitate the reopening of its property fund.