Aberdeen Cuts Property Fund’s Value by 17%, Suspends Redemptions
(Bloomberg) -- Aberdeen Fund Managers Ltd. said it will make a “dilution adjustment” to the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust after Britain's vote to leave the European Union hit commercial real estate values.
The adjustment will lead to a 17 percent decline in the funds' dealing price, the firm said Wednesday in a statement. Aberdeen has suspended redemptions from noon today until noon Thursday so that investors who asked for their money back have time to reconsider their orders.
To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net.
To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net.
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