Update: Aberdeen eyes further property fund launches on back of institutional demand

Despite £1.5bn outflows from asset class

Aberdeen Asset Management is gearing up to launch new property vehicles, despite suffering £1.5bn of outflows from its real estate range in Q2 as a result of the EU referendum, as the group continues to see institutional interest in the asset class.

Against a backdrop of high levels of redemptions from the property sector as a result of Brexit uncertainty, which forced many providers to suspend their open-ended offerings, Aberdeen originally applied a 17% dilution levy to its UK Property fund and temporarily suspended redemptions. However, this suspension has since been lifted and the levy reduced to 7%. In a trading statement this morning, Aberdeen said the property team has also "won further new commitments for new fund launches", which will be brought to market in due course. CEO Martin Gilbert (pictured) said: "Generally, we ...