Close Investments has announced it is suspending dealing on its Closepip property fund in order to safeguard its assets in the face of redemptions.
The suspension began on 22 January and is anticipated to be in place for six months, although the length of the suspension may vary according to market conditions. Close Investments said that the decision had been made in the interests of the investors in the fund – an Isle of Man experienced investor fund – to ensure that the high level of redemption requests does not force property sales.
Trading has also been suspended in Active Commercial Estates, in which Closepip is a majority shareholder.
Peter Roscrow, chief investment officer, Close Investments Property, commented: “We continue to believe in the long-term future performance of Closepip, which has performed better than the vast majority of competitor open-ended property funds over the last one, three, and six months, one and three years.”
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