Funds News

Henderson property fund manager puts London HQ of Coutts bank up for sale - source

LONDON (Reuters) - The manager of fund firm Henderson Global Investors’ frozen UK property fund has put the London headquarters of British private bank Coutts up for sale, a source familiar with the matter said on Tuesday.

The Henderson 3.9 billion pound ($5.13 billion) UK PAIF Property and PAIF Feeder Fund is one of seven UK property funds that have suspended trading in order to control redemptions by retail investors following Britain’s vote to leave the European Union.

Managers in these commercial real estate funds need to sell assets to meet those redemption requests.

TH Real Estate, which manages the Henderson fund, is selling the building on the Strand in central London for 220 million pounds ($290.00 million), the source said.

Coutts is owned by Royal Bank of Scotland.

A spokeswoman from Henderson Global Investors, which is wholly owned by Henderson Group, declined to comment.

Trade publication Estates Gazette reported the news earlier on Tuesday.

($1 = 0.7586 pounds)

Reporting by Carolyn Cohn and Ana Nicolaci da Costa; Editing by Greg Mahlich