Since the last formal dealing suspension review in October we have continued to closely monitor the UK commercial property market. Since the last formal suspension review update, the team have continued to make progress on property sales with a number of deals now nearing completion. Additionally, some other positive progress has been made with several sales moving to being under offer. The property transaction market remains challenging and there are still chances of delays or withdrawals from transactions. Sales are across a number of different property sectors/tenant profiles to maintain the characteristics of the Fund, thereby balancing the interests of investors who wish to remain invested in the Fund (or its Feeder) and those who want to redeem.

The Board of Henderson Investment Funds Limited, which is the authorised corporate director (ACD) for the Fund, has again formally reviewed the dealing suspension. The Board has agreed with the Fund’s depositary that the Janus Henderson UK Property PAIF (and its Feeder Fund) should remain suspended due to the need to further raise liquidity to meet known redemptions from the funds and to have sufficient liquidity to substantially reduce the risk of re-suspension in the short term. Given the challenging property market conditions, the uncertainty surrounding the looming Brexit deadline, the Financial Conduct Authority’s recent consultation, and now HMRC’s consultation, surrounding notice periods on redemptions for open-ended property funds, the PAIF and its Feeder Fund may not be in a position to reopen until the first quarter of 2021.

The dealing suspension, therefore, remains in place until further notice. The situation and progress on property sales will continue to be monitored closely by the ACD to ensure the funds are well placed to meet redemption requests on reopening and that the characteristics of the fund are maintained. A further update will be provided within the next 28 days, or sooner should the situation change.