Dealing reopens on £358m UK commercial property fund
Asset management giant Columbia Threadneedle (CT) is to lift a temporary dealing suspension on its UK Property Investment Fund (CT UK PAIF) as well as its feeder fund.
Dealing in the commercial property fund was suspended in October 2022 after cash fell to a level where redemption requests would not be able to be met. CT has said that following a sales process, it believes enough cash has been raised to mitigate this.
The October suspension meant that investors have been unable to buy or sell shares in the fund, which at the time was valued by CT at £453m
The property investment fund and its feeder fund invest in UK commercial property, within retail as well as warehouses and offices. As of January 31 2023, the fund was valued by CT at £358m.
The lift on the dealing suspension will take place on Tuesday.
Fund manager Gerry Frewin said: “We are pleased to reopen the fund following a successful asset sale and continue to believe in the fundamentals commercial property provides to long-term investors in a balanced and diversified portfolio.
“The CT UK PAIF continues to be a well-diversified portfolio of commercial UK property, with an overweight position to the buoyant warehouse sector.
“Following the exceptional circumstances last year, it has always been our priority to reopen the fund as soon as possible.”
Columbia Threadneedle said it manages around £11bn (as of March 2022) in UK commercial real estate assets for both retail and institutional clients.