Ouch: Open-ended UK Property Fund suspends trading

From FT Alphaville: If you voted for Brexit and like open-ended UK property funds, we have some bad news

From Standard Life Investments as it suspends trading in its £2.9bn UK real estate fund (one of the UK’s largest) because of post-referendum redemption requests:

Updating with actual press release:

STANDARD LIFE INVESTMENTS UK REAL ESTATE FUND

Due to exceptional market circumstances, Standard Life Investments has taken the decision to suspend all trading in the Standard Life Investments UK Real Estate Fund (and its associated Feeder Funds) from 12:00 noon on 4July 2016.

The decision was taken following an increase in redemption requests as a result of uncertainty for the UK commercial real estate market following the EU referendum result. ....

Weekend:
• Schedule for Week of July 3, 2016

• Q2 Review: Ten Economic Questions for 2016

Tuesday:
• Early, Reis Q2 2016 Office Survey of rents and vacancy rates.

• At 10:00 AM ET, Manufacturers' Shipments, Inventories and Orders (Factory Orders) for May. The consensus is a 1.0% decrease in orders.

Oil prices were up over the last week with WTI futures at $48.65 per barrel and Brent at $50.10 per barrel.  A year ago, WTI was at $57, and Brent was at $59 - so prices are down 20% year-over-year.

Here is a graph from Gasbuddy.com for nationwide gasoline prices. Nationally prices are at $2.26 per gallon (down about $0.50 per gallon from a year ago).

from
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