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Henderson to re-open New Star international property fund next month

Henderson is to re-open the New Star international property fund on February 12, 2010.

The group says it is re-opening the fund after completing its asset disposal programme, which began following the fund’s suspension on November 25, 2008 on the back of heavy redemptions.

Henderson has also introduced a new redemption share class for the £296m fund, which applies to investors holding more than £7.5m. Should those investors wish to sell shares they will need to give one month’s written notice or pay a redemption charge of 10 per cent of the value of the redemption. This move is being undertaken to allow greater control of liquidity for the manager

New Star director of UK retail Simon Hillenbrand says: “I am pleased to announce that we will re-open the New Star international property fund for dealing in February 2010.
 
 “I am encouraged by the future prospects for the fund given early signs of recovery in some international commercial property markets and improving investor sentiment towards this asset class. I also believe the changes that we have made to the management of the fund’s liquidity and the additional resource and expertise that Henderson is able to apply to the fund will serve investors well in the future.”

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