We informed you on the 26 March that Aberdeen Standard Investments had suspended dealing on their property funds and that due to this we introduced a delay period on the Standard Life Property Fund and the Standard Life Global Real Estate Fund.
This decision by Aberdeen Standard Investments was made as they are unable to get accurate valuations for the physical properties and land (assets) they hold in their funds due to the ongoing market uncertainty.
Aberdeen Standard Investments are required to undertake a formal review of this suspension at least every 28 days. The latest review took place on 12 May. Due to continued market uncertainty they are still unable to get accurate valuations on the properties they hold in these funds. The decision was therefore made to continue with the temporary suspension of these funds in order to best protect investors’ interests.
Communication to customers
We are writing to customers invested in these funds outlining how they are impacted and required steps if any. You can view the customer letter here.
We’re also sending an FAQ document
to answer any questions they may have.
In the best interest of our customers we’re re-directing regular premiums from these two affected funds to the Euro Liquidity Fund or the Cash Fund depending on their policy, until such time as the suspension is lifted.You can view the letter for customers with regular premiums here.
Your customers who have invested in these funds will receive their letters next week.
If you have any questions please contact your Standard Life Business Manager.
Thank you for your patience and understanding during these exceptional times.