Aviva Investors has announced plans to reopen its 拢1.6 bn (鈧�1.9 bn) UK property fund in December, five months after it suspended trading in the wake of the Brexit vote.
The fund will resume trading on 15 December, ahead of schedule, making it the last of seven UK property funds to reopen after being temporarily gated due to the UK referendum result. Aberdeen, Henderson, M&G, Standard Life Investments and Columbia Threadneedle suspended dealings in the UK but have all since reactivated their funds, worth around 拢18 bn in total.
Aviva Investors said that it had raised 拢212 mln from 11 property sales from its Aviva Investors Property Trust between July and mid-November.
'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,' commented Ed Casal, CEO of Aviva Investors Real Estate, in a statement.
Aviva Investors also said that fund manager Mike Luscombe would be leaving the company. 'While we recognise the valuable contribution Mike has made to Aviva Investors for many years, Andrew Hook, who has been co-manager since March 2015, has the necessary skills and experience to lead the trust,' a statement revealed.
