Notice of fund reopening for dealing.
Important information about the Threadneedle UK Property Authorised Investment Fund (Threadneedle PAIF) and its feeder fund, Threadneedle UK Property Authorised Trust (Feeder Fund) (together “The Fund”).
There have been a number of recent changes to our UK Property Fund range which impact new and existing investors as outlined below.
Columbia Threadneedle is pleased to announce that it will lift the temporary dealing suspension on the Threadneedle UK Property Authorised Investment Fund (Threadneedle PAIF) and its Feeder Fund, the Threadneedle UK Property Authorised Trust (together ‘the Fund’) with effect from the valuation point on 17 September 2020.
Dealing in the Threadneedle PAIF was temporarily suspended on 18 March 2020 following the deployment of a ‘material uncertainty clause’ by the Fund’s independent property valuer, CBRE. This meant the valuer was unable to provide an appropriate level of certainty regarding the valuation of the Fund’s assets in the market environment at the time. The decision to suspend dealing in the Fund was aimed at preventing any unitholders 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 PAIF will reopen for dealing on 17 September.
This action has been taken with the agreement of Citibank Europe Plc, UK Branch, the depositary of both funds, and the FCA has been notified.
Gerry Frewin, fund manager of the Threadneedle UK Property Authorised Investment Fund, said
“We are delighted to re-open dealing in the Fund from 17 September 2020. We appreciate that suspending dealings in the Fund may have caused some inconvenience for our clients, however the decision to suspend dealing meant that no unitholders would be disadvantaged and ensured the fair treatment of all investors. We thank our clients for their understanding during this unprecedented time.”
The Threadneedle PAIF and its Feeder Fund invest in physical UK commercial property such as warehouses, offices and retail around the UK. Columbia Threadneedle continues to believe real estate should form a part of a balanced portfolio for a long-term investor.
