3 More U.K. Firms Cut The Value Of Their Property Funds

By Markets MarketWatch Pulse

Three U.K. firms on Thursday slashed the value of their property funds, as the Brexit vote continues to hammer the country's real-estate sector. Legal & General cut the value of a �2.3 billion fund ($3 billion) by 10%, and Foreign & Colonial took down a �290 million fund by 5%, a Guardian report said. And investment manager CCLA cut the value of three institutional property funds holding a total of �1.3 billion in assets by 4.5%, a Reuters report said. This news comes after Aberdeen Fund Management reduced a property fund's value by 17% and said it would suspend trading, and six other U.K. property funds also were frozen Wednesday.

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