Close Investments has temporarily closed the doors on its property investment portfolio.
The suspension also applies to the Active Commercial Estate sub-fund, of which Closepip is a majority shareholder.
The move is expected to last for six months although this is subject to changing market conditions. Close says it will keep shareholders notified of all relevant details.
Close Investments Property chief investments officer Peter Roscrow says: “We continue to believe in the long-term future performance of Closepip which has performed better than the vast majority of competitor open-ended property funds in the last one, three and six months, one and three years.”
Hargreaves Lansdown head of research Mark Dampier says: “No matter how good a UK commercial property fund may be, it is not the asset class to be in at the moment. The hope is that the strong funds will fare better in the long run.”