Columbia Threadneedle halts trading in £453m property fund

Columbia Threadneedle has suspended trading in a £453m real estate fund, stating the move is “to protect the interests of investors”. The asset manager said dealing in the CT UK Property Authorised Investment Fund and its feeder fund, CT UK Property Authorised Trust, have been suspended due to rising redemption requests, adding that the amount of cash in the fund has now fallen to a level where future redemption requests cannot be met without “an orderly sale of assets”. The firm said the fund, managed by Gerry Frewin, is overweight in industrials and has “minimal exposure” to high street retail. “Over the past 12 months the fund has continued its strategic sales pipeline in order to meet ongoing liquidity requirements, with aggregate sales completing broadly in line with latest valuation,” it added. In its most recent annual report, covering the 12 months to 15 May this year, the fund said it had sold 21 assets over the period for a combined £134.7m – the largest being the £7.9m sale of the Curve office scheme in Langley, Slough. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews