The suspended Aegon Property Income fund has now reached a cash level of 31.6%, although the fund has yet to issue a formal May update on the suspension.
According to the latest factsheet, the fund had raised its proportion of net current assets (cash and short-term assets) to 31.6%, which is just shy of the cash level achieved by M&G Investments before it reopened last month.
The fund is now entering its 15th month of suspension, having withdrawn investor access to its £381m assets under management on 16 March 2020.
Aegon's fund stands alone as the only fund still suspended in the IA UK Direct Property sector, following the reopening of the M&G Property Portfolio on 10 May and the 19 May decision to liquidate Aviva's UK property vehicle.
The Royal Institution of Chartered Surveyors began to remove some property sectors from its recommendation of material valuation uncertainty in May 2020, before calling for a general lifting on 9 September.
The same day, St James's Place reopened all its property funds for redemptions and creations, and was followed by Columbia Threadneedle on 17 September, Royal London Asset Management on 30 September, Legal & General Investment Management on 13 October, Aberdeen Standard Investments on 16 November and BMO Global Asset Management on 14 December.
Janus Henderson Investments reopened its fund on 24 February 2021.