Aberdeen Fund Managers has completed the process of rebuilding liquidity levels in the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust and trading in the Funds has reverted to levels which no longer require property sales in a compressed timescale.
Accordingly Friday’s published price included a dilution adjustment of 1.25 per cent which is the level which was in place prior to the EU Referendum. Trading is monitored daily and the dilution adjustment may be increased without notice, if required in order to protect the interests of all investors.
Froday’s published price continues to include a fair value adjustment of minus 7 per cent to the most recent end-month independent valuation of the underlying property portfolio, reflecting the company’s assessment of the impact of the vote to leave the EU on underlying property values. This is also reviewed regularly, taking account of regular, updated information from independent valuers, evidence of transactions in the market and other relevant inputs, and may be changed (increased or decreased) without notice in order to protect the interests of all investors.
Martin Gilbert, Chief Executive Officer at Aberdeen Asset Management, says: "It is encouraging to see some calm and order returning to the UK property market. While property values have fallen following the UK's vote to leave the EU, investors do now appear to be taking a more measured assessment of property as a long term investment. Indeed we are seeing some signs of buying activity in light of recent market moves. We are very grateful for all the support we have had thus far from our customers through what has undoubtedly been a disconcerting period for many. We have worked hard to continue to offer liquidity to those who want or need it and remain entirely focused on protecting the interests of all investors in doing so."