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Trading Suspensions

Trading suspensions on Property Funds

Last updated on 23 March 2020

We have been notified of several trading suspensions and wanted to make you aware as this means we cannot accept any instructions to purchase, sell or switch shares/units in any of the following funds:

Hearthstone Fund ISIN Code
TM Home Investor Fund Class A GB00B7L7F472
TM Home Investor Fund Class C GB00B95VYK84
TM Home Investor Fund Class D GB00B9608795

Dealing suspended in the fund effective from 10:30pm on 17 March 2020

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Aviva Fund ISIN Code
Aviva Investors UK Property Fund SC2 Inc GB00BYYYZ110
Aviva Investors UK Property Fund SC2 Acc GB00BYYYYX64
Aviva Investors UK Property Feeder Acc Fund SC1 GB00BYYZ0S69
Aviva Investors UK Property Feeder Acc Fund SC2 GB00BYYZ0W06
Aviva Investors UK Property Feeder Inc Fund SC1 GB00BYYZ1N89
Aviva Investors UK Property Feeder Inc Fund SC2 GB00BYYZ2464

Aviva Investors UK updated that any instructions to buy or sell shares/units received after 12 noon on 17 March 2020 will be rejected automatically. With effect from 12.00 noon on 18 March 2020 they have temporarily suspended dealing in the Funds.

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BMO Fund ISIN Code
BMO Property Growth & Income Feeder A Inc GBP GB00B06KZT77
BMO Property Growth & Income I Acc GB00BQWJ8687
BMO Property Growth & Income I Inc GB00BQWJ8794
BMO UK Property 2 Acc GB00B830G150
BMO UK Property 2 Inc GB00B6449M48
BMO UK Property Feeder 1 Inc GB00BWZMHJ27
BMO UK Property Feeder 2 Acc GB00BWZMHM55
BMO UK Property Feeder 2 Inc GB00BWZMHL49

Deals placed for 12pm 18 March valuation point have been rejected and dealing in the fund suspended.

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Janus Henderson Fund ISIN Code
Janus Henderson UK Property PAIF A Acc GB00BP46GC27
Janus Henderson UK Property PAIF A Inc GB00BP46GD34
Janus Henderson UK Property PAIF I Acc GB00BP46GF57
Janus Henderson UK Property PAIF I Inc GB00BP46GG64
Janus Henderson UK Property PAIF Feeder Fund A Acc GB00BYP82B13
Janus Henderson UK Property PAIF Feeder Fund A Inc GB00BYP82996
Janus Henderson UK Property PAIF Feeder Fund I Acc GB00BYP82D37
Janus Henderson UK Property PAIF Feeder Fund I Inc GB00BYP82C20

Janus Henderson UK Property PAIF (the Fund) and Janus Henderson UK Property PAIF Feeder Fund (the Feeder) - Dealing requests received since the 12 noon valuation point on 16 March 2020 will not be accepted during the suspension period.

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Kames Fund ISIN Code
Kames Property Inc Feeder(Acc) GBP B Acc GB00BK6MJG80
Kames Property Inc Feeder(Inc) GBP B Inc GB00BK6MJH97
Kames Property Income GBP B Gross Acc GB00BK6MJB36
Kames Property Income GBP B Gross Inc GB00BK6MJC43
Kames Property Income GBP B Net Acc GB00BK6MJD59
Kames Property Income GBP B Net Inc GB00BK6MJF73

Kames announced the suspension of the Kames Property Income and Kames Property Income Feeder Funds with effect from 12pm on the 16th March 2020. Janus Henderson confirmed that any dealing requests received from the 12 noon valuation point on 16 March 2020 will not be accepted during the suspension period.

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L&G Fund ISIN Code
L&G UK Property Feeder Fund I - Acc GB00BK35F408
L&G UK Property Feeder Fund I - Dist GB00BK35F390
L&G UK Property Feeder Fund R - Acc GB00BK35F283
L&G UK Property Feeder Fund R - Dist GB00BK35F176
L&G UK Property Fund I – Acc GB00BK35DV33
L&G UK Property Fund I – Dist GB00BK35DT11
L&G UK Property Fund R – Acc GB00BK35DS04

L&G will suspend trading in the Legal & General UK Property Fund and the Legal & General UK Property Feeder Fund effective for the valuation point as of midday on 18 March 2020.

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Aberdeen Standard Investments Fund ISIN Code
SLI UK Real Estate Accumulation Feeder Institutional Acc GB00BYPHPB97
SLI UK Real Estate Accumulation Feeder Platform 1 Acc GB00BYPHPD12
SLI UK Real Estate Accumulation Feeder Retail Acc GB00BYPHP973
SLI UK Real Estate Income Feeder Institutional Inc GB00BYPHPK88
SLI UK Real Estate Income Feeder Platform 1 Inc GB00BYPHPL95
SLI UK Real Estate Income Feeder Retail Inc GB00BYPHPJ73
SLI UK Real Estate Fund Institutional Acc GB00BJZ2TG29
SLI UK Real Estate Fund Institutional Inc GB00BJZ2V336
SLI UK Real Estate Fund Retail Acc GB00BJFL1522
SLI UK Real Estate Fund Retail Inc GB00BJFL1639
SLI UK Real Estate Platform 1 Acc GB00BYPHP536
SLI UK Real Estate Platform 1 Inc GB00BYPHP643
Aberdeen UK Property Feeder Unit Trust A ACC GB00BTLX1M90
Aberdeen UK Property Feeder Unit Trust A INC GB00BTLX1N08
Aberdeen UK Property Feeder Unit Trust I ACC GB00BTLX1P22
Aberdeen UK Property Feeder Unit Trust I INC GB00BTLX1Q39
Aberdeen UK Property Fund A ACC GB00BTLX1C92
Aberdeen UK Property Fund A INC GB00BTLX1D00
Aberdeen UK Property Fund I ACC GB00BTLX1F24
Aberdeen UK Property Fund I INC GB00BTLX1G31

Funds suspended from valuation point at 12pm - 18 March

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Threadneedle Fund ISIN Code
Threadneedle UK Property Authorised Investment Fund Institutional Gross Accumulation GBP GB00BQ1YHS94
Threadneedle UK Property Authorised Investment Fund Institutional Gross Income GBP GB00BQ1YHT02
Threadneedle UK Property Authorised Investment Fund Institutional Net Accumulation GBP GB00BQ1YHV24
Threadneedle UK Property Authorised Investment Fund Institutional Net Income GBP GB00BQ1YHW31
Threadneedle UK Property Authorised Trust Institutional Accumulation GBP GB00BQ3G0Y06
Threadneedle UK Property Authorised Trust Institutional Income GBP GB00BQ3G0Z13
Threadneedle UK Property Authorised Trust Retail Accumulation GBP GB00BQ3G1143

Suspended dealing from 12 noon on 18 March.

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Time Investments Fund ISIN Code
ARC TIME Commercial Long Income PAIF Class A Gross Accumulation Shares GB00BJJPTR84
ARC TIME Commercial Long Income PAIF Class B Net Accumulation Shares GB00BJJPTY51
ARC TIME Commercial Long Income PAIF Class C Gross Income Shares GB00BJJPTZ68
ARC TIME Commercial Long Income PAIF Class D Net Income Shares GB00BJJPV051
ARC TIME Commercial Long Income PAIF Class M Gross Accumulation Shares GB00BJJPV382
ARC TIME Social Long Income PAIF Class A Gross Accumulation Shares GB00BJK12987
Freehold Income Authorised Fund Class A Gross Accumulation Shares GB00B9LV6956
Freehold Income Authorised Fund Class B Net Accumulation Shares GB00B9LVKM66
Freehold Income Authorised Fund Class A Gross Accumulation Shares GB00B9DQDN12
Freehold Income Authorised Fund Class D Net Income Shares GB00B9LVL566
Freehold Income Authorised Fund Class ISA Accumulation Shares GB00BGHPZ821
Freehold Income Authorised Fund Class ISA Income Shares GB00BGHPZ607

Suspended dealing from 12 noon on 18 March.

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M&G Fund ISIN Code
M&G Property Portfolio Sterling I Acc GB00B8FYD926
M&G Feeder of Property Portfolio Sterling A Acc GB00B8FSZ434

Suspension has been ongoing since December 2019. Trades in the funds submitted after 12:00 noon 04/12/2019 have been rejected.

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The fund managers are unable to say how long dealing will remain suspended but they will be constantly monitoring the funds and will formally review their decision at least every 28 days in conjunction with the Depositary.

Reasons for the suspensions

All companies have referred to the ongoing market uncertainty due to the COVID-19 pandemic.

Here’s what a few have said:

“The Aviva Investors UK Property Fund owns a range of UK commercial properties including offices, high street shops, shopping centres, out-of-town retail parks, distribution warehouses and leisure facilities. It can also hold some property company shares and cash. To calculate the daily share price of the Funds, those properties are regularly valued by a Standing Independent Valuer – in our case Knight Frank LLP – using recognised professional valuation standards. The Covid-19 virus has impacted the UK property market and made it difficult to value the property owned by the Funds with the same degree of certainty as would otherwise be the case. As a result, the Standing Independent Valuer has advised us that there is material uncertainty for all assets associated with future valuation.”

“The board of Henderson Investment Funds Limited has today been advised by CBRE, the appointed independent valuer of the Fund, that with immediate effect they have material uncertainty around the valuation of UK physical properties across the market, and therefore by inference the assets in the portfolio, due to the COVID-19 pandemic. This material uncertainty extends across all UK property fund valuations issued by CBRE and was agreed to by all independent fund valuers. Given this uncertainty, the Board of Henderson Investment Funds Limited has decided to temporarily suspend dealings in the Janus Henderson UK Property PAIF and its associated Janus Henderson UK Property PAIF Feeder Fund to protect the interests of all investors. This decision is consistent with the new rules issued by the Financial Conduct Authority (FCA).”