Net outflows hit UK property funds

New Star, Norwich Union, Prudential and Standard Life have all reduced the price of their property f...

New Star, Norwich Union, Prudential and Standard Life have all reduced the price of their property funds after net outflows. Within the last month, all four have moved property vehicles from an offer to a bid price basis, effectively reducing the price of the funds. As a result, investors who sell units will receive less than before the change. The firms have all recorded net outflows on the vehicles. Rob Page, international marketing director at New Star, said such pricing changes are routine. “When a fund sees net inflows it prices on an offer basis, and when it sees net outflows ...