Aberdeen cuts penalties
Aberdeen Asset Management has cut the redemption penalty in its UK property fund to its pre-referendum level of 1.25%.
The company said on 1 August that it had finished rebuilding its liquidity levels and that although values had fallen, investors were again seeing long-term potential in property.
Morgan Sindall profits up 17%
Construction group Morgan Sindall posted a 17% rise in adjusted operating profits to £18.2m in its half-year results, although total revenue dipped by 0.3%.
The committed order book totalled £3.1bn at the end of June, up by 11% from 31 December.
The group said it was on track to exceed expectations in its full-year results.
Lloyd to chair AREF
Deborah Lloyd is to replace David Wise as chairman of the Association of Real Estate Funds in January 2017.
She was appointed to the association’s board this week.
Lloyd was a partner at Nabarro for 28 years and vice chairman of the management board at INREV until December 2015.
Property returns 1.2% in Q2
UK property returned 1.2% in Q2 2016, according to the MSCI/IPD UK Quarterly Property Index, a marginal rise on the 1.1% recorded in Q1.
The index does not include the effects of the EU referendum, which took place days before the quarter end on 23 June, with valuers able to cite RICS Red Book guidance VPGA9. Annual returns slowed to 8.9%.
