Illiquid property assets in liquid funds seems a fine idea until the market sours and investors want their cash
Faced with dwindling liquidity and a wave of demands from investors, Sternlicht’s investment vehicle blocks the doors
Heavy redemption requests come as fears rise over real estate valuations
Grosvenor seeks to diversify away from London estate as investors rush into private debt business
Pressure eases on Breit after dash for withdrawals caused the group to put limits on requests
Rising rates are draining money away from an investment that comes with worries about rising debt costs and empty offices
UK’s largest wealth manager makes move after a surge in redemption requests by investors
Move follows lack of demand in wake of Brexit vote and pandemic lockdowns
FSB and Iosco publish proposals to protect investors who remain in funds with hard-to-sell assets
Older commercial real estate out of major UK cities is struggling to attract demand
Decision to allow outflows comes as regulators warn that some funds may struggle to meet redemption requests
Officials warn downturn in €1tn sector could trigger liquidity crisis if investors rush to withdraw money
There is a gap between buyers and sellers on what constitutes fair value
Mismatch between redemptions and hard-to-sell holdings presents ‘major potential vulnerability’
Schroders, BlackRock and Columbia Threadneedle impose restrictions on redemptions from institutional real estate funds
Money floods into part of property market regarded as best protection against inflation
Suspension of developer’s shares offers another signal of sector’s worsening debt crisis
Investors have paid £14m in charges since trading was halted on £2.3bn fund
Esma concerned asset managers are not prepared for dealing with redemption requests or valuation uncertainty
Many vehicles remain suspended as managers examine looming redemption requests
Removal of ‘material uncertainty’ clauses will help investment groups to resume trading in property funds
FCA proposals are designed to cure longstanding liquidity mismatch
Move by UK regulator aims to avoid liquidity squeezes as investors head for the exit
Early days in assessing virus effect; bespoke notice periods could suit property funds problems
At least 10 daily traded funds managing more than £13bn in assets are suspended
UK Edition
