Since the formal dealing suspension review update posted last week, we have continued our regular discussions with CBRE, the appointed independent valuer of the Janus Henderson UK Property PAIF. CBRE has advised us that the material uncertainty clause will be removed from all properties held by the fund and that the valuation report issued at the end of September will therefore be free from material valuation uncertainty.

The Board of Henderson Investment Funds Limited, which is the authorised corporate director (ACD) for the fund, has again formally reviewed the dealing suspension in light of this news. However, despite the removal of the material uncertainty clause, the Board has agreed with the fund’s depositary that the Janus Henderson UK Property PAIF (and its Feeder Fund) should remain suspended to allow for the raising of additional liquidity to ensure the fund is able to meet both known redemption requests on reopening and to have sufficient liquidity to substantially reduce the risk of re-suspension in the short term. The investment team have been able to complete property sales during the period of suspension, but the property market remains challenging compared to prior to the pandemic. Further property sales are underway, and we are continuing to monitor their progress closely to ensure the broad balance of the portfolio and the fund credentials remain. The investment team are working hard to ensure they achieve the best price possible on behalf of investors. A further update will be provided within the next 28 days, or sooner should the situation change again.

We thank you for your continued patience in the face of further potential inconvenience arising from the continued dealing suspension.