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Aberdeen says completes UK property fund rebalancing
July 29, 2016 / 4:39 PM / a year ago

Aberdeen says completes UK property fund rebalancing

LONDON (Reuters) - British fund firm Aberdeen Asset Management ADN.L said on Friday it had completed the rebalancing of its UK property funds and no longer needed to sell properties quickly to meet redemptions.

People sun bathe at the Kings Cross pond in London, Britain, July 23, 2016. REUTERS/Paul Hackett

The Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust were one of a number of retail property funds to feel the pressure in the days after Britain’s vote to leave the European Union, as investors worried about the outlook for commercial property prices.

However, Aberdeen Chief Executive Martin Gilbert said sentiment has since improved.

“While property values have fallen following the UK’s vote to leave the EU, investors do now appear to be taking a more measured assessment of  property as a long term investment. Indeed we are seeing some signs of buying activity in light of recent market moves,” he said.

Aberdeen said the firm continued to make a fair value adjustment to the notional value of its assets of minus 7 percent.

Reporting by Simon Jessop. Editing by Andrew MacAskill

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