Rutley European Property Fund has made a tender offer to buy 10% of its own shares in order to improve its liquidity.

The London-listed fund, which is managed by Rutley Capital Partners, the private equity arm of Knight Frank, made the offer at 3p a share – a slight discount to its current share price of 3.88p.

In a stock exchange announcement this morning the fund said that the share purchase will cost £70,000.

It also said that Cenkos Securities, its corporate broker, had agreed to a 30% reduction in its annual brokering fee, and that the board had agreed to waive 10% of its remuneration fee.

This followed its announcement on the 21 January that Rutley Capital Partners would waive 10% of its management fee.

Rutley said: ‘Your board has concluded that it is in the interests of shareholders as a whole to implement the tender offer so as to provide a further form of liquidity for the shares and to provide those holders who want to sell their share the opportunity to do so.

'The directors and Knight Frank have confirmed to Cenkos Securities that they will not tender any of their shares in the tender offer.’