Standard Life Investments is expecting to reopen its UK real estate fund in the fourth quarter of the year, David Paine, the firm’s head of real estate, said this morning.
Paine said that the fund has made progress in establishing liquidity and that although he cannot say how many assets have been sold, it is expected to open to trading again before the end of the year.
He said: “We have been transacting. We are moving toward a reopening. At the present time, it would be our intention, based on the progress that we are making to reopen in the fourth quarter. That is something we are very much focused on, barring other factors.”
Standard Life Investments’ UK property fund closed to redemptions on 4 July following a sharp rise in requests.
Although the Financial Conduct Authority has been urged to review the structure of open-ended funds after a number of them suspended trading in the wake of market volatility, Paine said he did not expect there to be many changes.
He said: “There is nothing that I have heard that would imply that these structures are fundamentally going to change, but that will be the product of the review that we will participate in.”
The update came a day after Henderson announced that its UK property fund will reopen on October 14.
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