For those clients involved in this fund, the trading suspension will be lifted next month with trading resuming on 15th December.
Any clients wishing to discuss this can contact me on 01661 860438.
With kind regards, David Lamb.
"Aviva to lift suspension of £1.5bn Property Trust, 23 Nov by Daniel Grote www.citywire.co.uk
Aviva Investors has announced it will lift the suspension on trading in its £1.5 billion Property Trust next month, having halted withdrawals from the fund in the wake of the hit to property assets in the immediate aftermath of the Brexit vote.
Aviva said trading in the fund would resume on 15 December. The fund is the last of the major UK property funds to resume trading, after a raft of suspensions in the wake of the shock referendum result.
M&G lifted its suspension on its Property Portfolio last month, Henderson's UK Property PAIF and Standard Life's UK Real Estate fund reopened in October, while Threadneedle PAIF resumed trading in September. Aberdeen was the first to lift its suspension, on the UK Property fund, but imposed a big penalty on investors exiting that has since been removed.
Aviva said Property Trust manager Mike Luscombe would leave the fund, to be replaced by Andrew Hook, co-manager of the fund since March last year.
'While we recognise the valuable contribution Mike has made to Aviva Investors for many years, Andrew Hook...has the necessary skills and experience to lead the trust,' it said in an update for investors.
'Andrew joined Aviva Investors in 2007 and has over 15 years' industry experience. He has played a key role in the repositioning of the trust's portfolio over the past year.'
Aviva said that during the fund's suspension after the Brexit vote, the managers sold 11 properties for a combined £212 million.
'The temporary suspension has allowed us to be selective with our orderly sales programme, and ensure the retained portfolio remains robust and well diversified,' it said.
'There have been no forced sales, and we have focused on taking the right time to obtain the best value on sales, whilst retaining core assets and maintaining a balanced UK commercial property portfolio.'
The fund has lost 4.7% this year, amid a difficult environment for UK property, although that loss is lower than those incurred by rival funds from Aberdeen, M&G, Standard Life and Henderson."