LONDON, July 27 (Reuters) - Legal & General's fundarm Legal & General Investment Management (LGIM) said onWednesday it had reduced the discount applied to investorswishing to withdraw cash from its 2.3 billion pound UK propertyfund, from 10 percent to 7.5 percent.
LGIM imposed the discount on the UK property fund investorsfollowing a sharp downturn in sentiment towards commercial realestate in the wake of Britain's vote to leave the European Unionon June 23.
The fund manager had earlier changed the value pricingadjustment for the fund from minus 15 percent to minus 10percent on July 15, citing improved conditions in the market.
British wealth manager St. James Place also said onWednesday it had resumed normal pricing on its 2.6 billion poundSJP Property Fund.
The L&G UK Property Fund invests in more than 100 UKcommercial properties across retail, industrial and officesectors on behalf of UK retail investors.($1 = 0.7621 pounds) (Reporting by Maiya Keidan, editing by Sinead Cruise)