LONDON, July 7 (Reuters) - Legal & General InvestmentManagement said on Thursday it had cut the offer price to zeroon its UK Property Fund and Feeder Fund in response to marketructions after the UK's vote to leave the European Union.
The fund arm of insurer Legal & General said theprice move was for a "limited period" and follows a move earlierin the day to extend a self-imposed cut in the value of the fundto 15 percent as more investors look to take their money out.
"In normal circumstances the bid/offer spread is there tocover any transaction costs associated with buying and sellingproperties. However, as we have no plans to acquire any assetsin the short term, this is not currently relevant," it said.
"This 0 percent spread will be reviewed on an ongoing basisalongside the continued close monitoring of our currentportfolio and liquidity position." (Reporting by Simon Jessop; editing by Carolyn Cohn)
Legal & General (LGEN)
