Property Fund Closures
July 8th, 2016
Standard Life, M&G and Aviva have all halted dealings in their commercial property funds because of the prospect of declining property values in the wake of BREXIT, says the Telegraph. The effect is strongest in London, where demand for offices is expected to fall significantly. Funds have used up a lot of the cash they held, and now have to defer giving money back to investors who want to sell until they can be sure what the real value of property is.