* M&G, Standard Life Investments, Henderson all act
* Some lower fund value, others move to weekly pricing
* Broader market redemption pressure seen modest
By Simon Jessop
LONDON, June 30 (Reuters) - Some of Britain's biggestproperty funds have cut the estimated value of their holdings,aiming to deter investors from pulling money out amidspeculation the country's decision to quit the European Unioncould hit commercial real estate prices.
Several funds have also switched to pricing units in theirfunds on a weekly - rather than a monthly - basis, in a furthermove aimed at protecting themselves against market volatility.
So far, funds have not reported a big rise in withdrawals inany of the major asset classes, despite big swings in financialmarkets following Britain's decision in a June 23 referendum toquit the EU.
But with many commentators predicting a drop in demand forrenting commercial real estate, several property funds havemoved to cut the value of their holdings as a precaution.
Standard Life Investments, the fund arm of insurer StandardLife, said it had reduced the value of its 2.7 billionpound ($3.6 billion) Standard Life Investments UK Real EstateFund and Standard Life Investments Pooled Pension Property Fundby 5 percent.
"The outcome of the UK referendum has resulted in increaseduncertainty in valuations for the UK commercial property marketand we believe that valuations have been negatively impacted," aStandard Life Investments spokesperson said.
Henderson Global Investors, meanwhile, said it had moved toweekly pricing and cut the value of its Henderson UK PropertyPAIF and Feeder Fund by 4 percent; while M&G, the fund arm ofinsurer Prudential, also said it would price its 4.5billion pound Property Portfolio weekly.
On Tuesday, Aberdeen Asset Management, which manages20 billion pounds across its property funds, cut the value ofits 3.4 billion pound Aberdeen UK Property PAIF and Feeder Fundby 5 percent.
Funds of all stripes stockpiled cash ahead of the referendumto manage any surge in redemptions - Aberdeen's UK Property fundhas 20 percent in cash - though there has been little sign of abig rise in withdrawals so far.
Even so, fund managers said pre-emptive moves such asvaluation adjustments made sense in an illiquid asset class suchas property.
"They (retail funds) are erring on the side of caution. Whatthey've done is sensible, given the big blow to confidence andlack of liquidity in the market," said Adrian Benedict, RealEstate Director at Fidelity International.
An open-ended retail fund lets investors move in and out ofthe fund on a daily basis and can require the fund's assets tobe sold to meet demands to exit, as opposed to a closed-endedfund, in which investors buy and sell listed shares.
In volatile markets like these, managers said it could behard to get a daily price accurate enough to ensure investorswho wanted to leave were not winning at the expense of those whoremained in a fund.
Benedict said Fidelity, which manages $1 billion across twofunds, had seen little sign of concern among longer-terminstitutional investors, did not expect much forced selling ofproperties and could even see increased interest from overseasbuyers looking to profit from the sliding value of the pound.
STOCKS, BONDS, MONEY
While the pound has fallen more than 10 percent against thedollar since the referendum, Britain's blue-chip equities index is down a more modest 2 percent.
"We are not seeing much evidence of investor panic at thisstage, more a trimming down of risk exposure," said Greg Jones,managing director of distribution at Henderson Global Investors,referring to investments across asset classes.
"We are also experiencing demand for strategies seen as farremoved from EU troubles such as emerging markets," he added.
Fund performance after the vote has been extremely varied,data from industry tracker Morningstar show.
The worst-hit UK fund has been Standard Life Investments' 1billion pound UK Equity Unconstrained fund, down 17.1 percent,according to Morningstar, followed by the 1.6 billion poundJupiter UK Growth fund, down 14 percent.
At the other end of the scale are a clutch of preciousmetals-focused funds, including BlackRock Gold and General, up17.8 percent.
($1 = 0.7461 pounds)
(Additional reporting by Carolyn Cohn; Graphic by Jiachaun Wu;Editing by Sinead Cruise and Mark Potter)
