(Bloomberg) -- BlackRock has started paying back some institutional investors whose withdrawal requests from its £3.5 billion UK Property Fund had initially been blocked, according to a person familiar with the matter.
The world's largest asset manager has begun to partially honor withdrawal requests made in the second quarter of 2022, according to a source familiar with the matter.
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The UK Property Fund is based in Jersey and is only open to professional investors, including several pension funds. BlackRock and other asset managers previously limited withdrawals from UK property funds late last year after pension funds and other investors began shifting their portfolios into liquid assets after months of market volatility left them overexposed to holdings that are harder to sell.
Read more: UK Pension Funds Turn to Illiquid Assets After Selling Spree
Redemptions in the UK Property Fund peaked in the third quarter of 2022 amid growing need for liquidity. Withdrawal requests have significantly slowed in the three months ending in March this year, the person said.
Some requests made in the second quarter of 2022, as well as requests that were made at later dates, are still being deferred, the person said.
The story was first reported by the Financial Times.
More stories like this are available on bloomberg.com
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