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:
18/03/20

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


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.


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.