, have imposed restrictions on property fund redemptions since September, after money market turmoil and interest rate rises forced investors to pare exposure to the asset class.to rebalance their portfolios after selling large volumes of more liquid assets in late September, when a package of unfunded tax cuts proposed by former Prime Minister Liz Truss sent UK government bonds into freefall.
Industrial property values have suffered the biggest hit, declining 7.8% in November alone. Office property values have fallen 9.4% in the year to end-November, while industrial assets have seen values tumble by 17.4% over the same period. A spokesperson for Legal & General Investment Management said on Wednesday that its Managed Property Fund was no longer deferring redemptions.