Ainslie McLennan, Co-Manager of the Janus Henderson UK Property PAIF, summarises the investment market, highlighting that the easing of lockdown restrictions has enabled some market transactions to progress and provide signs of valuation evidence.

    Key takeaways

  • As a result of COVID-19 the independent valuer for the Janus Henderson UK Property PAIF, CBRE, applied a material market uncertainty clause to the fund valuation on 17 March 2020 and, in line with new rules from the Financial Conduct Authority, the decision was taken to temporarily suspend dealing in the fund and its associated feeder fund to protect the interests of all investors.
  • CBRE (and some other fund valuers) removed the material uncertainty clause from certain types of long income assets as at 30 April 2020, which have tenants paying rent on long lease agreements (over 20 years).
  • The fund’s investment team continues to implement asset management activities and support tenants through this challenging time rather than have lots of vacant properties when the crisis is over.