Aberdeen Asset Management has extended its property funds freeze until midday on Wednesday to try and settle investors.
The £3.2bn property fund and its feeder had already performed two extensions to its trading suspension last week and marked down prices by 17%.
Aberdeen said the suspension on its funds, which invest in 79 properties, would allow more time for investors to consider their options and ensure customers were treated fairly.
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Martin Gilbert, chief executive of Aberdeen, said this morning: “Following the application of the dilution adjustment the vast majority of trades submitted prior to temporary suspension last Wednesday have been reviewed and, in many cases, have been withdrawn by investors.
“We are sincerely grateful for the support we have received so far from those distributors and intermediaries who have worked tirelessly with us to ensure investors are aware of the actions we’ve taken and of the options they have.
“Whilst we are in a good position to lift the suspension today, given the exceptional circumstances and specific requests we have received from two large platforms, we believe it is appropriate to allow a further two days for remaining investors to be contacted in the interests of treating all customers fairly.”
Last week Gilbert said: “The property market itself may take some time to find its level but we believe that the same factors that made property a good long-term investment yesterday remain true today.”
