DEALING SUSPENSION REVIEW AND UPDATE
Janus Henderson UK Property PAIF (the Fund) and its Feeder Fund remain suspended for dealing – 10 September 2020
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.
The Fund aims to provide a high and increasing level of income as well as capital growth over the long term (5 years or more). The Fund will be a Property Authorised Investment Fund (PAIF) for tax purposes at all times.
The Fund invests at least 60% of its assets in UK commercial real estate and in shares and bonds of UK companies in the real estate industry.
The Fund may also invest in other assets including cash and bank deposits, money market instruments, non-UK commercial real estate, residential real estate, funds (collective investment schemes including exchange traded funds) and real estate outside of the UK (to a maximum of 20% of its assets).
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the IA UK Direct Property sector average, which is based on a peer group of broadly similar funds, as this can provide a useful comparator for assessing the Fund’s performance.
The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.
ABOUT THIS FUND
- Portfolio with a broad mix of high-quality properties across UK regions and sectors, with a South East bias, that are well-placed to benefit from long-term consumer, demographic, and technological trends.
- Focuses on location, tenant strength, lease length, lease structure, building quality, and sustainability considerations.
- Highly experienced investment team with support from more than 500 property specialists.
RATINGS AND AWARDS
Ratings for this fund include: