Aberdeen Asset Management has posted an £0.8bn fall in the value of its property assets as its full-year profit decreased by 28%.
The value fall was the result of a reduction in appetite for UK assets, especially after the Brexit vote, Aberdeen said in its full-year results to 30 September.
The value of its property assets under management was £18.5bn, down from £19bn one year ago.
The fall in value was also the result of the successful realisation for its clients of some of the fixed-life Nordic funds, the company said.
The company saw net outflows of £1.5bn in the three months to 30 June, with a further £339m lost in the three months to 30 September. Overall net flow was down by £828m in the year to 30 September.
Following the UK referendum, the Aberdeen UK Property Fund closed for seven days. The company said: “Our focus was to treat all customers fairly by providing liquidity to those who requested to redeem, while protecting the interests of long-term investors. We suspended dealing for a few days, solely to enable investors to consider and understand our proposals.”
However, the firm has increased its residential commitments with investments of more than £1bn as it continues to see strong demand for European assets.
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