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City property fund crisis deepens in virus-ravaged markets

Asset managers including Aberdeen Standard, Aviva and LGIM lock up £10bn of investors’ cash

A woman wears a mask on an almost deserted mid-morning Oxford Street in London, England, on March 16, 2020
A woman wears a mask on an almost deserted mid-morning Oxford Street in London, England, on March 16, 2020 Photo: Getty Images

Several of the UK’s largest asset managers have suspended dealing in their flagship property funds, having incurred valuation problems as coronavirus continues to wreak havoc on global markets.

Aberdeen Standard Investments, Kames Capital, Aviva Investors, BMO Global Asset Management, Janus Henderson, Columbia Threadneedle and Legal & General Investment Management have all announced dealing restrictions, meaning more than £10bn worth of property investments have now been frozen.

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