March 18, 2020 / 12:20 PM / 22 days ago

UK markets watchdog expects more property fund suspensions

LONDON, March 18 (Reuters) - Britain’s markets watchdog said on Wednesday it expects more property funds to suspend themselves due to fallout from the coronavirus epidemic on markets.

The Financial Conduct Authority said some valuer have determined there is currently material uncertainty over the value of commercial real estate (CRE). Several funds have already suspended themselves in the past two days.

“In such situations, a fair and reasonable valuation of CRE funds cannot be established. As a result, some managers of open-ended CRE funds have temporarily suspended dealing in units of these funds and others are likely to follow for the same reason,” the FCA said in a statement.

Reporting by Huw Jones. Editing by Clara Denina

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