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LONDON, May 20 (Reuters) - Insurer Aviva said it will
close in July three UK property funds that have been suspended
since March last year due to market turmoil as the pandemic hit
Britain's economy.
"During this period of economic uncertainty, it has become
increasingly challenging to generate positive returns whilst
also providing the necessary liquidity to re-open the funds,"
Aviva said in a statement late on Wednesday.
A strategic review of the funds that began in January has
concluded that it would now be in investors’ interests to wind
up the funds and return cash to investors in a fair and orderly
manner, Aviva said. The funds will continue to be suspended
until they are closed on July 19.
Several UK property funds were suspended by fund houses last
March after managers said valuers could no longer be confident
in assigning values to commercial real estate such as shops,
offices and industrial property as the coronavirus outbreak
gathered pace. Most of those funds have now reopened.
(Reporting by Huw Jones; Editing by Susan Fenton)
