Aberdeen Asset Management has repriced its property funds again.
Today’s published price for its UK property fund included a fair value adjustment of -5%, upwards from the -7% which had been in place since 6 July.
Aberdeen said the repricing reflected its revised assessment of the impact of the vote to leave the EU.
• From earlier today: Property funds collaborate to prevent ‘doomsday scenario’
• From 2 August: Aberdeen cuts redemption penalty
Aberdeen chief executive Martin Gilbert said: “There is further evidence that calm and order are being restored to the UK commercial property market.
“The impact of the vote to leave the EU is being felt most in the central London office market, which the portfolio has little exposure to, whereas the retail and logistics markets are holding up relatively well along with longer-leased properties and those less dependent upon future rental growth.
“The quality of our holdings has allowed us to re-assess the fair value adjustment we are applying in the light of further emerging evidence. Of course the situation remains very fragile so we will remain watchful and act accordingly in the interests of all our underlying investors.”
• Explainer: What’s going wrong with open ended retail funds
• 11 July: Aberdeen extends suspension of property funds
• 13 July: Aberdeen unfreezes property funds
• 23 July: Funds ease off redemption penalties as conditions normalise
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