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FCA statement on property fund suspensions resulting from COVID-19 outbreak
The FCA has published a statement dated 18 March 2020 on property fund suspensions resulting from the Coronavirus (COVID-19) outbreak
18 March 2020
This article was written by Natalie Lim.
In summary:
Certain standing independent valuers have determined that there is currently material uncertainty over the value of commercial real estate (CRE). In such situations, it is not possible to establish a fair and reasonable value of CRE funds.
As a result, some managers of open-ended CRE funds have temporarily suspended dealing in units of those funds, and others are likely to follow for the same reason.
Managers of open-ended funds can use suspensions in line with their obligations under applicable regulations. The FCA acknowledges that suspension is likely to be in the best interests of fund investors under these circumstances.
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