Conditions are starting to improve for the troubled property sector with M&G's Fiona Rowley, manager of the £4.4bn Property Portfolio, saying the group hopes to re-open the suspended vehicle next month, while F&C has removed the fair value adjustment on its £310m UK Property fund.
The M&G fund was suspended in July alongside other giants of the sector following the Brexit vote. But Rowley said the group now hopes to lift the suspension next month once cash levels are above 15%, and they will be kept elevated until 2017. Cash levels are currently at 7.8%, but the manager anticipates they will rise to 14.3% by the end of the month once various transactions are completed. Rowley said: "We want to be above 15% cash by October and that is a key target for us to reopen the fund. Some £200m of transactions have been completed and £53m has been exchanged. "As wel...
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