Aviva Investors UK Property Fund and associated Feeder Funds
The Aviva Investors UK Property Fund, the Aviva Investors UK Property Feeder Inc Fund and the Aviva Investors UK Property Feeder Acc Fund (the “Funds”) - temporary suspension of dealing
On 18 March 2020 we temporarily suspended dealing in the Funds to safeguard the interests of investors. This temporary suspension was due to the impact of the Covid-19 virus on the UK property market. In particular, the full impact of Covid-19 substantially decreased the volume of property transactions in the market making it difficult to value the property owned by the Funds with the same degree of certainty as would have otherwise been the case. This resulted in the Standing Independent Valuer, Knight Frank LLP, advising us that there was “material uncertainty” associated with the valuation of all direct property assets within the portfolio.
The Standing Independent Valuer has now advised there is sufficient evidence in the market to value the properties in the portfolio with the usual degree of certainty. We welcome the lifting of the valuation uncertainty and are optimistic that this will lead to improved liquidity in the property market. However, we are also mindful of the continuing influence of COVID-19 on the Property Market, and the potential impact on our near-term ability to sell properties efficiently so the Fund can maintain an adequate cash buffer to meet anticipated investor redemptions when the Fund re-opens. Consequently, we have made the decision to continue the suspension of dealing in the Funds, while we continue to test the market and take action to ensure a flow of liquidity going forward.
In particular, we believe that, in these circumstances, continuing to suspend dealing in the Funds temporarily, is the most effective way to ensure that all investors are treated fairly and enables us to manage the Funds in a fairer and more controlled way.
We are also aware that you may have additional questions, so we have prepared a Questions and Answers document that you may find helpful.
See contact details below if you have any questions regarding the temporary suspension of the Funds or would like further information.
Contact our Customer Service Team on 0800 051 2003*. Alternatively contact your Financial Adviser who will be able to discuss your individual investment needs.
Professional investors (advisers and discretionary wealth managers)
Phone: 020 7809 6521*
*Calls may be recorded for training and monitoring purposes, and to comply with applicable law and regulations.