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Aviva Investors to shut £194m European Property fund

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Aviva Investors has suspended dealing in its European Property fund as it reveals plans to sell-off and close the fund following large outflows.

The move follows a redemption request from a large investor to pull assets from the fund, the asset manager said in a letter to investors.

Aviva Investors will liquidate the £194.2m fund, which is managed by Andrew Hook. The fund has seen a large decline in assets from €320m in May last year.

A spokesperson for the group said: “This [decision] follows the largest investor indicating its intention to withdraw, which would considerably reduce the fund to a size that we do not believe is viable. As a result, and in the best interests of our investors, we plan to close the fund.

“Suspending dealing will enable the properties of the fund to be sold in an orderly manner, which will help to maximise the sales values achieved. Furthermore, suspension of dealing will ensure that, regardless of the size of their holding in the fund, all investors will have access to the proceeds of their investment at the same time.”

The firm says it could take up to two years to complete the sale of the assets and return cash to investors.

In July, Aviva warned investors it could take more than two years to get their cash back from the closed £164.2m Asia Pacific Property fund.

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