LONDON BlackRock has trimmed the redemption charge on its 3.2 billion pound ($4.24 billion) UK Property Fund to 5.44 percent from 5.83 percent, the fund manager said on Thursday.
BlackRock had raised the charge on the fund to 5.75 percent from 2 percent in the wake of Britain's vote to leave the European Union, as UK property investors scrambled for the exits.
It increased the charge again, to 5.83 percent, at the end of July, a BlackRock spokeswoman said by email.
The redemption charge on the fund, which is aimed at institutional investors, is being reviewed on a monthly basis, the spokeswoman added.
A number of commercial property funds aimed at retail investors cut valuation levels following market volatility after the Brexit vote.
Several funds have since trimmed those valuation discounts, as capital values did not fall in July by as much as some had feared.
Six UK property funds remain suspended, however.
For a FACTBOX on suspended UK commmercial property funds, see
($1 = 0.7551 pounds)
(Reporting by Carolyn Cohn; editing by Simon Jessop)