26 March 2020: notice of temporary dealing suspension
Important information about the Low-Carbon Workplace (LCW) Fund
To protect the interests of investors in the Fund, Columbia Threadneedle Investments has temporarily suspended dealing in the Low-Carbon Workplace LP and Threadneedle Low-Carbon Workplace Trust collectively (“the Fund”) with effect from 2pm on 24 March 2020. This decision has been taken by Threadneedle Portfolio Services Limited as manager of the LP (following consultation with the General Partner) and Threadneedle Investments (Channel Islands) Limited as manager of the Trust (following consultation with the trustee). The Jersey Financial Services Commission (JFSC) and the Financial Conduct Authority (FCA) have 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.
The Fund has been suspended due to the fact that our independent property valuer, JLL, has deployed a ‘market uncertainty clause’, which means that they are unable to provide an appropriate level of certainty regarding the valuation of the 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 dealings in the Fund 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.
Sandy Wilson, fund manager for the Low Carbon Workplace (LCW) Fund, said: “We appreciate that suspending dealings in the Low-Carbon Workplace LP and its feeder, Threadneedle Low-Carbon Workplace Trust, may cause some inconvenience for our clients. However, with the lack of certainty surrounding the valuation of the assets in the fund’s assets this decision means that no unitholders will be disadvantaged, and we can ensure the fair treatment of all. We believe this is an appropriate measure to take during this period of exceptional uncertainty and we will review this decision regularly.”
Low-Carbon Workplace LP Fund 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.
