BlackRock is said to have started paying back investors that requested redemptions from its £3.5bn UK property fund.
The asset manager suspended payment of withdrawals last year, initially telling investors that had requested redemptions during the second quarter that these would not be made by a September deadline. The group has now started to repay institutional investors.
UK property funds posted net outflows for an eighth consecutive month in March, although the scale of withdrawals was markedly less than in recent months, according to figures published last week by funds network Calastone. The firm said investors pulled £15m from funds during the month, down from a monthly average of £58m over the past eight months.
Financial Times (£)
Bloomberg (£)
