LONDON, Aug 12 (Reuters) - Aberdeen Asset Management said on Friday it had changed the fair value adjustment on itsUK Property Fund to minus 5 percent from minus 7 percent becausemarket conditions continued to calm.
The fund was one of several UK-focused funds to be eithersuspended or priced lower after Britain's vote to leave theEuropean Union in late June sparked a rush to redeem by manyretail investors.
Martin Gilbert, chief executive of Aberdeen AssetManagement, said the firm had moved to trim its fair valueadjustment - designed to make sure the price of the fund mirrorsthe value of the assets - as market conditions had improved.
"There is further evidence that calm and order are beingrestored to the UK commercial property market... The quality ofour holdings has allowed us to re-assess the fair valueadjustment we are applying in the light of further emergingevidence."
Gilbert said the impact of the vote on pricing was mostkeenly felt in the Central London office market, which thefund's portfolio had little exposure to, while the retail andlogistics markets were holding up "relatively well". (Reporting by Simon Jessop; editing by Carolyn Cohn)