Legal&General cuts discount on UK property fund as redemptions slow

Legal &General reduced the discount for withdrawals from its UK property fund after applications for redemptions slowed.

Investors now faced a 10% loss when withdrawing their monies from the firm’s £2.5bn UK property fund and not 15%, Legal&General said in a statement.

“While it remains difficult to predict the exact impact of the vote to leave on commercial property values, conditions in the market and within our peer group have begun to stabilize,” the company said.

“The fund’s liquidity position is robust and the asset-management initiatives within the portfolio remain on track.”

Shares in Legal&General finished the session up by 1.7% to 191.80p.