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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