Brandeaux has relaunched its student accommodation fund with a new dual share class after an 11-week suspension.
The £876m Brandeaux student accommodation fund said it would launch on 12 March with amended redemption terms.
The new share class, which is the same price as the existing shares, is designed to allow Brandeaux to control the liquidity of the fund by extending the notice period investors have to give between applying to redeem and waiting to claim back money.
The new terms allow from an exit six months after a redemption application is made.
The suspension of redemptions for the existing shares remains in place. Brandeaux said it will convert remaining shares to the new class once 75% of shareholders have voted to convert the new share class.
Kay Brandeaux, chairman of Brandeaux, said: “The redemption terms of only seven business days notice was part of the structure designed nine years ago. This is no longer appropriate in today’s environment.
“The directors have explored alternative options including selling assets, borrowing, lifting the suspension on existing shares, and in a worst-case scenario, a voluntary liquidation of the fund. The alternative options were either non-viable, or were severely detrimental to shareholder value.”
