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NU reverts back to monthly valuations on property funds

Norwich Union has reverted back to monthly valuations for its property funds after seeing a rise in cash levels and sharp falls in redemptions.

NU moved to fortnightly valuations last December after huge volatility in the commercial property market which resulted in increased redemption levels and some competitors putting restrictions on their funds.

A spokesman says: “Movements in property values appear to have returned to more usual levels and this should therefore be seen very much as a return to business as usual for these funds, none of which have had to suspend trading or defer redemptions.”

The level of cash in Norwich property trust is 6.7 per cent. Redemptions from the Norwich property trust are now less than 10 per cent of the levels experienced in December 2007.

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