Aberdeen Standard Investments pumps brakes on two U.K. funds
Aberdeen Standard Investments (ASI) has halted dealings in two of its U.K. property funds, citing uncertainty in the property market caused by the coronavirus, according to Reuters.
The funds in question are the $2.02 billion Standard Life Investments UK Real Estate Fund and the £1.1 billion ($1.27 billion) Aberdeen UK Property Fund.
ASI joins a growing number of asset managers that have decided to gate their funds due to volatility in the market.
“The funds’ independent valuers have informed us it is not currently possible to provide accurate and reliable valuations for certain assets, including the properties held in the funds,” said ASI.
ASI is planning to lift the suspension as soon as confidence returns to the market, according to a U.K. news source.