3 More Property Funds Halt UK Trading

London’s City district; Canada Life cites “ongoing uncertainty around the pricing of commercial property assets following the vote to leave the European Union” in suspending trading.

LONDON—The number of UK commercial real estate funds to temporarily suspend trading in the wake of panic selling over the result of the vote on European Union membership has doubled, from three to six. Henderson Global Investors, Columbia Threadneedle and Canada Life have now joined M&G Investments, Aviva Investments and Standard Life Investments, all of which called a halt to trading earlier this week.

Henderson cited “exceptional liquidity pressures” on its Henderson UK Property PAIF and Henderson UK Property PAIF Feeder Fund in announcing the suspension. “Despite a strong underlying portfolio, the decision was taken due to exceptional liquidity pressures on the funds, as a result of uncertainty following the EU Referendum and the recent suspension of other direct property funds,” the company says in a statement. It notes that the Property PAIF, with 3.9 billion pounds of assets, “has delivered to investors in line with its investments objectives.”