Aberdeen UK property fund set to reopen on Monday

Aberdeen Asset Management expected to reopen its £3.2bn UK property fund on Monday after outflows slowed and some investors opted not to sell, company chief Martin Gilbert said.

In an interview with Bloomberg TV Gilbert said “Our intention is to open today as long as investors have had enough time. We still have about £500m of liquidity.”

Nonetheless, he reportedly also said the fund was still seeing "a lot of withdrawals".

Redemptions jumped from nearly zero before Standard Life Investments halted trading in its £2.9bn UK real estate fund on 4 July, hitting a peak of approximately £150m two days afterwards, he said.

Aberdeen suspended trading in its own fund until Monday after reducing its value by a further 17%, giving investors the weekend to reconsider their orders to sell. It previously cut the fund´s value by 3.75%.

“We took the view that one of our obligations was to provide liquidity to our holders and we got a valuation done [...] We are taking a cautious view, we still have to see how much liquidity we have.”