DEALING SUSPENSION REVIEW AND UPDATE
Janus Henderson UK Property PAIF (the Fund) and its Feeder Fund remain suspended for dealing – 9 October 2020
Since the last formal dealing suspension review in September we have continued to closely monitor the UK commercial property market. As previously advised in our last update, the Janus Henderson UK Property PAIF’s (the Fund) end of September property valuations are now free from material uncertainty. However, the ability of the Fund’s investment management team to transact in the property market continues to be impacted by the COVID-19 pandemic. The team have completed one property sale in the last 28 days and continue to press forward with further carefully selected sales that ensure the characteristics of the Fund are not unduly compromised, 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 market conditions, the uncertainty surrounding the looming Brexit deadline, and the Financial Conduct Authority’s consultation on introducing 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.
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: