Despite recent movements towards the reduction of lockdown measures in the UK, there remains significant uncertainty in regards to the longer term valuation of commercial properties. As a result SIP Property Fund’s valuer, Jones Lang Lasalle (JLL) have said they are still unable to accurately or fairly value properties within the fund. The two pooled investments held by SIP Property Fund, Aberdeen Standard Life and Henderson also continue to suspend redemptions for the same valuation issue.
There has been no change in our expectations that the property market will remain subdued due to the Covid-19 crisis and therefore the SIP Property Fund remains suspended until the value of the underlying holdings can be reliably calculated. We will update the situation if this changes and we are monitoring the Government’s steps to restarting the economy and in turn the effects on property valuations.