Suspended Brandeaux property fund to take NAV writedown

Brandeaux is trying to sell 80% of the property in the Ground Rents fund in a bid to free up liquidity for investors, but said in an update expected proceeds of the sale would be less than the fund's most recent valuations had indicated. The group is in the advanced stages of three sales which it expects to complete next month, it said. Once the sale transactions are completed, the directors will release the proceeds to shareholders as soon as possible, Brandeaux said. "The net asset value of the Ground Rent funds from which the monthly share price is derived is based principally on t...