One of Britain’s biggest commercial property funds has closed its doors to withdrawals, as panicked investors attempt to flee from the troubled sector. Daily Telegraph
Scottish Equitable, which runs a £2bn property fund, said private investors would not be able to access their money for up to a year. The move comes as the commercial property market suffers one of its worst slides in decades.
The fund is reported to have said that it no longer had sufficient cash reserves to meet its investors’ demands, saying its 'buffer fund' was down to 1% of its total assets, rather than the 10-15% it usually sits at.