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Aegon confirms first distribution of 44% of assets as shutters come down on property fund
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Aegon Property Income fund will close on 9 August
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Home / Analysis / How have UK property funds’ office allocations changed over a year on from the Covid crisis?
How have UK property funds’ office allocations changed over a year on from the Covid crisis?
Reports of ‘the death of the office’ may be exaggerated but Covid has forced managers to re-evaluate types of assets they own
So much has changed since the coronavirus pandemic emerged onto the scene early last year. Remote working, once dismissed as unfeasible, has become the norm. As economies begin to open up and lockdown restrictions ease, companies are still figuring out what their hybrid working models might be.
Aviva property fund shuts after trapping investors for 16 months
£400m portfolio never reopened after commercial real estate funds came under pressure
20 May 2021 • 5:00am
Insurance giant Aviva has been forced to close a commercial property fund more than a year after blocking investors from withdrawing their money at the height of markets’ pandemic panic.
The £367m Aviva Investors UK Property fund will close on July 19, 16 months after dealing in the fund was suspended. Savings will now be returned to investors, predominantly made up of those buying funds via wealth managers, but will be worth 17pc less than in March 2020.
Aviva said running the fund with enough cash to satisfy the likely level of investor withdrawals had become “increasingly difficult during this period of economic uncertainty”.
It was ‘challenging to generate positive returns while also providing the necessary liquidity to re-open’
Aviva Investors has decided to shut down its UK Property fund after a near 15-month suspension period.
The fund was forced to close its doors last March along with all the major UK property funds after the Covid crisis made it impossible to determine the value of their underlying holdings.
Following the re-opening of the M&G Property Portfolio earlier this month, Aviva Investors UK Property and Aegon Property Income were the last funds in the sector to remain shuttered.
Aviva Investors explained since the fund’s suspension it had become “increasingly challenging to generate positive returns while also providing the necessary liquidity to re-open the fund” and had made the decision to close the fund and two feeder funds.
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