March 2020: notice of temporary dealing suspension
Important information about the Threadneedle Property Unit Trust Luxembourg Feeder SA SICAV-SIF (“the Fund”).
To protect the interests of investors in the Fund, Columbia Threadneedle Investments has temporarily suspended calculation of the Net Asset Value and dealing in Threadneedle Property Unit Trust Luxembourg Feeder SA SICAV SIF (“the Fund”) with effect from 24 March 2020. This means shareholders are temporarily unable to buy or sell units in the Fund. Any requests to transact received following suspension coming in to effect will not been actioned and will not be accepted or queued. This decision has been taken by the Fund Board in consultation with the AIFM and Depositary. The Commission de Surveillance du Secteur Financier (CSSF) has been informed.
Columbia Threadneedle aims to ensure the fair treatment of all investors in our funds, whether they are transacting now or investing for the longer term.
Threadneedle Property Unit Trust Luxembourg Feeder SA SICAV SIF has been suspended due to the fact that calculation of the Net Asset Value and dealing has been suspended in Threadneedle Property Unit Trust (the “Master Fund”). The Fund is a feeder fund in to the Master Fund, which suspended on 24 March following its independent property valuer, CBRE, deploying a ‘market uncertainty clause’, which means that they are unable to provide an appropriate level of certainty regarding the valuation of the Master Fund’s assets in the current exceptional market environment. This is consistent with the approach being taken across the broader industry. In response, we have suspended Threadneedle Property Unit Trust Luxembourg Feeder SA SICAV SIF until such time that a more certain valuation can be ascertained.
The situation is being closely monitored and the decision to suspend will be reviewed regularly.
Arnold Spruit, Chairman of the Board of Directors, said: “We appreciate that suspending Threadneedle Property Unit Trust Luxembourg Feeder SA SICAV SIF may cause some inconvenience for our clients. However, our objective is to protect the interests of investors in the Fund by ensuring the fair treatment of all, whether they are transacting now or investing for the longer term. Our decision to suspend dealing will prevent any shareholders being disadvantaged as a result of those redeeming from the Fund or newly investing in it at an uncertain price. We believe this is an appropriate measure to take to manage the Fund during this period of exceptional uncertainty and we are committed to reviewing our decision regularly.”
Threadneedle Property Unit Trust Luxembourg Feeder SA SICAV SIF indirectly invests in physical UK commercial property. We continue to believe property should form a part of a balanced portfolio for a long-term investor.
We thank our clients for their understanding and patience and will keep them informed via our website www.columbiathreadneedle.com/changes.
