Aberdeen Fund Management has announced it is halting trading in its property fund for 24 hours and devaluing it by 17% (HERE). Meanwhile, Legal & General, Foreign & Colonial and Dutch-owned Kames cut the value of their property funds. L&G cut the value of its £2.3bn fund by 10% – following a 5% cut last week – while F&C and Kanes both cut by 5%.
Presumably, this is all having a dire effect on the commercial property market and foreign direct investment into the UK. Prospering like never before.
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