Henderson has agreed the final sale needed in order to re-open its New Star International Property fund, which has been suspended since 25 November 2008.
The £295.7m fund this month is expected to obtain over 90% of the liquidity necessary to re-open, while the final transaction required to lift the suspension is agreed and currently undergoing due diligence.
During November, the fund offloaded a Germany holding, as well as exchanged contracts on the sale of an office in Tokyo. It followed similar recent disposals of properties in Australia and the Netherlands.
Manager Mark Carpenter says valuations on the fund's properties are showing signs of stabilising, following a 1.9% fall last month.
"We believe the valuations are close to reaching their bottom, as all sales are in line or ahead of the most recent reported value, and from 2010, growth is anticipated again," he says.
"In some countries in which the fund is invested there are already clear signs of renewed activity."
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First mentioned in Cridland Report
Second acquisition of 2019