Suspension of Aberdeen Standard Investments' Property Funds

The FCA has published a statement confirming that, in relation to uncertainty over the value of commercial real estate, suspensions can be used by managers of open-ended funds, in line with their obligations under applicable regulations.

Date:
18/09/20

Lifting of the decision to defer the Standard Life Pooled Property Pension Fund

Following the huge market disruption because of COVID-19, in March 2020, the External Valuer for the Standard Life Pooled Property Pension Fund (“Fund“) told us that it was not possible to provide accurate and reliable valuations for the properties held in the Fund. We were, therefore, unable to produce a price for the Fund which reflected the assets’ true market value.

Standard Life has now been informed by the Fund’s External Valuer that, having passed the initial shock, market transactions are now taking place factoring in uncertainty as a result of COVID-19 and there is sufficient market based activity and evidence in the majority of sectors to remove the material valuation uncertainty clause in respect of all of the properties in the Fund valued by them.

By lifting the deferral, Standard Life has confirmed that dealing in the Fund will return to normal on 18 September 2020 with the first valuation point being 2pm on that date.

Standard Life Pooled Property Pension Fund – updateFile type: pdf

 


Date:
17/09/20

PAIFS:

Temporary suspension of ASI Property Funds continues

Following the recommendation to remove material valuation uncertainty by the RICS Material Valuation Uncertainty Leaders Forum on the 9th September, the Funds’ Standing Independent Valuers have informed us that the material valuation uncertainty clauses will be removed from all properties held by the Funds in the valuation reports issued at the end of September.

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we have reviewed the suspension with the Depositary in light of this news. As part of this review, we are required to take a number of additional factors into consideration when making any decisions around the suspension. These factors include the liquidity levels (current and forecast) within the Funds, together with forecast fund flows and asset or market liquidity.

Further to this review, the decision was made to continue with the suspension of these Funds in order to best protect investors’ interests. Whilst the Funds have managed to raise liquidity levels throughout the period of the suspension, it has been agreed with the Depositary that the Funds should remain temporarily suspended in order to allow the teams sufficient time to progress further sales.

The Funds continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
17/09/20

GREF:

Temporary suspension of the ASI Global Real Estate Fund continues

As Authorised Fund Manager for the ASI Global Real Estate Fund, we are required to formally review the suspension with the Trustee and Depositary at least every 28 days.

The Fund’s Standing Independent Valuer continues to cite material valuation uncertainty over a significant proportion of the portfolio at 16 September 2020, therefore we are still unable to produce a price for the Fund which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of the Fund in order to best protect investors’ interests.

It is important to understand that should material valuation uncertainty of the scheme assets of the Fund be reduced to below the 20% threshold, as defined in the FCAs Policy Statement PS19/24, it is a re-evaluation point for the temporary suspension rather than an immediate removal of the suspension itself. We are required to take a number of factors into consideration when making any decisions around the course of action with regards to the suspension. These factors include, but are not limited to, the liquidity levels within the Fund, investor sentiment, forecasts around investor liquidity requirements in addition to asset or market liquidity and all investors’ best interests.

The Fund continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
24/08/20

PAIFS:

Temporary suspension continues

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we are required to formally review the suspension with the Depositary at least every 28 days.

The fund’s Standing Independent Valuers continue to cite material valuation uncertainty at 19 August 2020, therefore we are still unable to produce a price for the funds which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.

The funds continue to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
24/08/20

GREF:

Temporary suspension continues

As Authorised Fund Manager for the ASI Global Real Estate Fund, we are required to formally review the suspension with the Trustee and Depositary at least every 28 days.

The fund’s Standing Independent Valuer continue to cite material valuation uncertainty at 19 August 2020, therefore we are still unable to produce a price for the fund which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of the fund in order to best protect investors’ interests.

The fund continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
27/07/20

Standard Life Long Lease Property Pension Fund - lifting of the decision to defer

Following the huge market disruption because of COVID-19, in March 2020, the Standing Independent Valuers for the Standard Life Long Lease Property Pension Fund (“Fund“) told us that it was not possible to provide accurate and reliable valuations for certain assets, including the properties held in the Fund. We were, therefore, unable to produce a price for the Fund which reflected the assets’ true market value.

Standard Life has now been informed by the Fund's Standing Independent Valuers that there is sufficient market based evidence to remove the material valuation uncertainty clause in respect of the majority of assets in the Fund which has enabled the deferral to be lifted effective 3 August 2020.

By lifting the deferral, Standard Life has confirmed that dealing in the Fund will return to normal on 3 August 2020, with the first valuation point being 2pm on that date.

Standard Life Long Lease Property Pension Fund – update File type: pdf

Date:
27/07/20

PAIFS:

Temporary suspension continues

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we are required to formally review the suspension with the Depositary at least every 28 days.

The fund’s Standing Independent Valuers continue to cite material valuation uncertainty at 22 July 2020, therefore we are still unable to produce a price for the funds which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.

The funds continue to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
27/07/20

GREF:

Temporary suspension continues

As Authorised Fund Manager for the ASI Global Real Estate Fund, we are required to formally review the suspension with the Trustee and Depositary at least every 28 days.

The fund’s Standing Independent Valuer continue to cite material valuation uncertainty at 22 July 2020, therefore we are still unable to produce a price for the fund which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of the fund in order to best protect investors’ interests.

The fund continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
01/07/20

Aberdeen UK Property Fund and the SLI UK Real Estate Fund - temporary suspension continues

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we are required to formally review the suspension with the Depositary at least every 28 days.

The fund’s Standing Independent Valuers continue to cite material valuation uncertainty at 1 July 2020, therefore we are still unable to produce a price for the funds which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.

The funds continue to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
01/07/20

ASI Global Real Estate Fund - temporary suspension continues

As Authorised Fund Manager for the ASI Global Real Estate Fund, we are required to formally review the suspension with the Trustee and Depositary at least every 28 days.

The fund’s Standing Independent Valuer continue to cite material valuation uncertainty at 1 July 2020, therefore we are still unable to produce a price for the fund which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of the fund in order to best protect investors’ interests.

The fund continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
03/06/20

Aberdeen UK Property Fund and the SLI UK Real Estate Fund - temporary suspension continues

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we are required to formally review the suspension with the Depositary at least every 28 days.

The fund’s Standing Independent Valuers continue to cite material valuation uncertainty at 3 June 2020, therefore we are still unable to produce a price for the funds which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.

The funds continue to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
03/06/20

ASI Global Real Estate Fund - temporary suspension continues

As Authorised Fund Manager for the ASI Global Real Estate Fund, we are required to formally review the suspension with the Trustee and Depositary at least every 28 days.

The fund’s Standing Independent Valuer continue to cite material valuation uncertainty at 3 June 2020, therefore we are still unable to produce a price for the fund which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of the fund in order to best protect investors’ interests.

The fund continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
12/05/20

Aberdeen UK Property Fund and the SLI UK Real Estate Fund - temporary suspension continues

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we are required to formally review the suspension with the Depositary at least every 28 days.

The fund’s Standing Independent Valuers continue to cite material valuation uncertainty at 12 May 2020, therefore we are still unable to produce a price for the funds which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.

The funds continue to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
14/04/20

Aberdeen UK Property Fund and the SLI UK Real Estate Fund - temporary suspension continues

As Authorised Fund Manager for the Aberdeen UK Property Fund and the SLI UK Real Estate Fund (and their respective feeder funds), we are required to formally review the suspension with the Depositary at least every 28 days.

The fund’s Standing Independent Valuers continue to cite material valuation uncertainty at 14 April 2020, therefore we are still unable to produce a price for the funds which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.

The funds continue to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
14/04/20

ASI Global Real Estate Fund: temporary suspension continues

As Authorised Fund Manager for the ASI Global Real Estate Fund, we are required to formally review the suspension with the Trustee and Depositary at least every 28 days.

The fund’s Standing Independent Valuer continue to cite material valuation uncertainty at 14 April 2020, therefore we are still unable to produce a price for the fund which we can say with any confidence reflects the true market value of the assets. The decision was therefore made to continue with the temporary suspension of the fund in order to best protect investors’ interests.

The fund continues to be actively managed throughout the suspension, with a key focus being the protection of income given the prevailing market environment. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.


Date:
20/03/20

Deferral of Standard Life’s Insured Property Funds (managed by Aberdeen Standard Investments) – TIP and FunDChoices

Standard Life has taken the decision to defer redemptions, switches and subscriptions in the funds listed below from 1:00pm 18 March 2020 as a result of the market disruption being caused by COVID-19. The funds’ Independent Valuers have informed us of material uncertainty around the valuation of UK physical property and to protect the interests of all investors in the fund, we have placed the funds into deferral.

  • Standard Life Long Lease Property Managed Pension (Fund code HV)
  • Standard Life Commercial Ground Rent Pension (Fund code BBGB)
  • Standard Life Pooled Property Pension (Fund code HS)

This action reflects the exceptional circumstances in the global markets just now. It is important to emphasise that we have taken these steps due to material valuation uncertainty in the market and not because of liquidity. The decision to defer redemptions, switches and subscriptions has been made to treat all customers fairly and to protect the interests of all investors currently invested in the Funds.

As per the Terms and Conditions we may delay redemptions for up to 12 months. All redemption requests received after above deferral date will be put into a queue and will be settled when the funds are brought out of deferral.

Where income options have been selected, this facility has also been suspended for the duration of the deferral period.

We are committed to protecting the best interests of all of our customers and will continue to keep you updated on how this situation develops. We thank you for your patience and understanding in these extraordinary times.


Date:
18/03/20

Markets around the world have experienced huge disruption as COVID-19 spreads and trading in the UK property market is being severely impacted. As a result the funds’ Standing Independent Valuers have informed us it is not currently possible to provide accurate and reliable valuations for certain assets, including the properties held in the Funds. We are therefore unable to produce a price for the Funds which we can say with any confidence reflects the true value of the assets.

Therefore in order to protect the interests of investors, we have suspended dealing in the following funds:

  • Aberdeen UK Property Fund and Aberdeen UK Property Feeder Unit Trust
  • Standard Life Investments UK Real Estate Fund, Standard Life Investments UK Real Estate Accumulation Feeder Fund and Standard Life Investments UK Real Estate Income Feeder
  • ASI Life UK Property Fund

This action reflects the exceptional circumstances in the UK property market and the need to protect client interests by suspending trading when there is material uncertainty regarding how the assets should be valued. We will aim to lift the suspension as soon as confidence returns to the market and there is more certainty regarding asset valuations, taking into account the best interests of customers and investors. We will continue to keep you updated and thank you for your patience and understanding in these difficult times.

Aberdeen UK Property Fund – Impacted date 18/03/2020 File type: pdf

ASI Life UK Property Fund – Impacted date 18/03/2020 File type: pdf

SLI UK Real Estate Fund – Impacted date 18/03/2020 File type: pdf


Date:
18/03/20

ASI Global Real Estate Fund - update

Further to the suspension of the UK Property Funds, the Standing Independent Valuer for the Global Real Estate fund has informed us that there is material uncertainty over certain valuations of the fund’s physical assets. Currently this specifically applies to the Fund’s European assets but this remains a rapidly evolving situation.

Therefore to protect the interests of investors, we have additionally suspended dealing in the ASI Global Real Estate Fund.

ASI Global Real Estate Fund – Impacted date 18/03/2020 File type: pdf

For a full list of ISINs click here

Risk warning
Risk warning - Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not a guide to future results.