Update: SJP latest to suspend property funds

Difficult to value assets

SJP, Columbia Threadneedle, BMO Global Asset Management, LGIM, ASI, Kames Capital and Janus Henderson have all suspended their open-ended UK property vehicles due to valuation concerns amid the ongoing pandemic-driven market sell-off.

St. James's Place has confirmed the suspensions of the £1bn AUM Property unit trust, as well as the £200m AUM Property Life and £1.2bn AUM Property Pension funds. In a statement SJP said that in line with the view with other fund valuers, the firm's counterpart CBRE are "currently unable to accurately or fairly value the properties" within the funds, which must therefore be gated. They added: "The inability to accurately price property funds is a challenge for the entire property investment sector at present, rather than St. James's Place funds in isolation. "A number of other comm...