Since the last formal dealing suspension review in August, we have continued to closely monitor market conditions and hold regular discussions with CBRE, the appointed independent valuer of the Janus Henderson UK Property PAIF. Since the last review CBRE has advised us that material uncertainty no longer applies to the valuation of the fund’s regional (i.e. non-London) offices, care homes and data centres. As a result of this update, the amount of the fund’s portfolio that is no longer subject to material uncertainty is 73% (using the end of July property valuations).
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, based on the feedback from CBRE, and despite the further removal of material valuation uncertainty the Janus Henderson UK Property PAIF (and its Feeder Fund) should remain suspended.
The dealing suspension, therefore, remains in place until further notice. The situation will continue to be monitored by the ACD both from a valuation and liquidity perspective (ensuring the fund is able to meet both known redemption requests on reopening and have sufficient liquidity to reduce the risk of re-suspension in the short term). A further update will be provided within the next 28 days, or sooner should the situation change.