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UK real estate fund managers are scrambling to sell property in hopes of raising capital. Ever since the UK’s vote to leave the EU last month, investors have been dumping real estate holdings in a panic and trying to collect their money out of concern Brexit will damage property prices.
The problem is it takes time to sell commercial properties to meet the demand of withdrawals. As a result, funds have been freezing trading activity. Just last week, managers of seven funds worth roughly $23B in assets suspended trading to preserve cash levels, Bloomberg reports.
Brokers and asset managers from several funds, including Standard life Investments, Henderson Global Investors and a list of others, are now teaming up to sell London office buildings. [Bloomberg]
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