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 re...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
