10 September 2020
Important information about the TPEN Property Fund (“The Fund”).
Notice of reopening for dealing
Columbia Threadneedle is pleased to announce that it will lift the temporary dealing suspension on the Threadneedle Pensions (TPEN) Property Fund with effect from the valuation point on 17 September 2020.
Dealing in the Threadneedle TPEN Property Fund was suspended on 20 March this year, following the deployment of a ‘material uncertainty clause’ by our independent property valuer, CBRE. This meant that the valuer was unable to provide an appropriate level of certainty regarding the valuation of the Fund’s assets, due to the market environment at the time. The decision to suspend dealing in the Fund was aimed at preventing any policyholders being disadvantaged by those redeeming from or investing in the Fund at an uncertain price and was consistent with the approach taken across the investment industry.
On 9 September 2020, CBRE confirmed that it has removed the material uncertainty clause from the property assets held by the Fund. As a result, the Threadneedle TPEN Property Fund will reopen for dealing on 17 September.
This decision has been taken by the TPEN Board.
Threadneedle TPEN Property Fund invests directly in UK commercial property. We continue to believe property should form part of a balanced portfolio for a long-term investor. The asset class can help provide portfolio diversification as well as reducing overall portfolio volatility.
We thank our clients for their understanding during this unprecedented time.
