Fire sale begins as property funds face rush of UK redemptions
Property funds are dumping assets worth more than £1bn on to the London market as pressure mounts to meet redemption requests, with estate agents warning that they will have to accept big discounts in order to sell.
UK real estate funds, including vehicles managed by Schroders, CBRE Investment Management, Legal & General Investment Management, M&G and Abrdn, are marketing at least 18 commercial assets collectively priced at about £1bn in the capital, according to property agents.
Fund managers insisted that the sales were being triggered as they rebalanced portfolios on behalf of clients, but property agents said the level of activity was far higher than normal.
This story originally appeared on: Financial Times - Author:Adrienne Klasa
