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The Guardian: "Property fund turmoil continues as three more firms cut value"

"Around £5bn of commercial property could be put up for sale as post-EU referendum turmoil prompts managers to revalue portfolios"

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"Shopping centres, office blocks and warehouses worth up to £5bn could be put up for sale, as the turmoil in the UK commercial property sector prompted by the Brexit vote forces fund managers to revalue their portfolios or temporarily prevent investors withdrawing their savings.

"With the pound under pressure on the foreign exchange markets, fund managers Legal & General, Foreign & Colonial and Dutch-owned Kames cut the value of their property funds on Thursday. L&G cut the value of its £2.3bn fund by 10% – following a 5% cut last week – while F&C and Kanes both cut by 5%.

"The moves followed Aberdeen Fund Management, which on Wednesday announced it was halting trading in its property fund for 24 hours and devaluing it by 17% - thought to be the biggest adjustment ever made by a property fund . Aberdeen has since extended the trading ban until Monday.

"Others have suspend dealings for longer, starting with Standard Life’s decision on Monday to halt trading in its £2.9bn commercial property fund, leading to a cascade effect with Aviva, Prudential’s M&G, Henderson, Columbia Threadneedle and Canada Life following suit – taking the total value of property funds suspended to £18bn."

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