Aviva Investors has announced it will resume trading of its £1.5bn Property Trust from December 15, having suspended the fund in July.
The company has also announced that Mike Luscombe, co-manager of the fund, will retire at the end of January. Following his departure, Andrew Hook, co-manager on the trust since March 2015, will lead the vehicle.
The Aviva Property Trust was suspended on 5 July following the Brexit vote, alongside a number of other property funds as they struggled with liquiduty issues.
Aviva's fund will resume trading at the midday valuation point on 15 December, with any valid instructions it has recieved to buy or sell units in the trust in advance of this valuation point being carried out using the unit price calculated at this time.
The group said it took the decision to resume trading after implementing a structured sales programme in order to raise liquidity. The trust has sold 11 properties totalling £212m between the EU Referendum vote date and 17 November 2016.
It said that the property market has seen "much more stability over the past couple of months", with sentiment in the UK real estate market improving since the initial aftermath of the vote to leave the EU.
However, the company said that the UK property market could face longer term headwinds largely dependant on the ultimate economic impacts of the Brexit vote, and events following the implementation of Article 50.
Prices achieved for the property sales have been "broadly in line with market valuation changes since the EU referendum vote", according to Aviva.
It added that property fundamentals "remain attractive" despite the shock Brexit vote, with yields on property remaining high in a low interest rate environment.
Additionally, Aviva said that still intends to convert the trust into a Property Authorised Investment Fund (PAIF), despite the suspension initially delaying these plans.
Ed Casal, chief executive, Aviva Investors Real Estate, said: "We are pleased to announce the resumption of dealing in the Aviva Investors Property Trust and appreciate the patience of our investors while dealing was temporarily suspended. We have undertaken an orderly sales programme to rebuild liquidity. This has enabled us to obtain the best value for the asset sales while continuing to actively manage the remaining properties in the Trust.
"The sales have been selected in line with our wider real estate strategy to focus on fewer centres, and values achieved have been broadly in line with market valuation changes since the EU Referendum vote. We are confident that the Trust holds a robust and diverse portfolio of properties; providing significant potential for growth, a strong income stream and the opportunity for further income growth.
"Despite the recent uncertainty in the market, yields on property remain relatively attractive in a low interest rate environment. We believe there is a convincing place for the asset class within a balanced portfolio for long-term investors.
"I would also like to pay tribute to Mike Luscombe, Co-Manager of AIPT, following his decision to retire after 28 years with Aviva Investors. Mike has made a valuable contribution to the business and he goes with our thanks and best wishes for his retirement."
In September M&G Investments announced it will resume trading in its £4bn Property Portfolio and its feeder fund with effect from 4 November after four months under suspension.
The group has said the decision to lift the suspension was taken in agreement with its depositary and trustee, and the FCA has been informed.
The fair value adjustment originally applied on 1 Juy lwas also been removed in full.
William Nott, chief executive of M&G Securities, said: "Suspending the fund was not a decision we took lightly, but we felt it was the only way to protect the interests of investors in what were very unusual circumstances in the aftermath of the referendum.
"Suspension created an environment more akin to normal conditions, allowing us time to choose the most appropriate assets to sell at the right price in order to preserve the integrity and future of the fund.
"As such, the fund manager has kept higher quality assets while reducing the exposure to assets deemed riskier than their prime counterparts, putting the portfolio in a good position for any further volatility that may be experienced in the lead up to Brexit."
The group added as confidence returns to the market, 58 properties have been sold, exchanged or placed under offer for a total of £718m.
Fund manager Fiona Rowley had previously said the group hoped to lift the suspension once cash levels were above 15%.
She said: "We want to be above 15% cash by October and that is a key target for us to reopen the fund.
"As well as the cash levels, we are looking for more stability in the market, more liquidity and at the attitude of the investors and level of potential redemptions. Some investors still want to sell their holdings but the urgency has gone away."
Columbia Threadneedle Investments was the first to lift the trading suspension on its UK Property Authorised Investment Fund (PAIF) and its feeder fund, the UK Property Authorised Trust. However, a number of giants of the open-ended property sector still remain suspended.
Meanwhile, F&C also removed the fair value adjustment on its £310m UK Property fund. In June, the group adjusted the price of the fund from an offer to a bid basis, resulting in a price cut of approximately 6%. However, the group recently moved the fund back to offer pricing following consistent net subscriptions into the vehicle and as the fund managers are actively seeking acquisitions.
In June, the fund also moved from monthly to weekly valuations, while its independent valuers have revalued the portfolio in line with the standard fund valuation process.
Legal & General Investment Management also removed the fair value pricing adjustment on its £2.3bn UK Property fund, saying the real estate market has stabilised since June's Brexit vote.
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