Aberdeen in £250m London property sell-off as Brexit costs bite

According to reports, the asset manager has appointed consultants CBRE as brokers for a £150m property at 355 Oxford St, according to sources close to the deal.

The City AM reports also name Strutt & Parker as also acting for the firm to sell a £100m office block at 10 Hammersmith Grove.

The reports claim six buyers have been approached, with three putting in a bid.

Aberdeen AM has said it does not comment on individual assets while in the process of buying or selling, but Gerry Ferguson, Aberdeen’s head of UK property pooled funds, said: “Following a period of higher than normal redemptions from the fund after the EU referendum result and the suspension of other funds’ trading, the fund is now seeking to rebuild its liquidity position.

“A limited number of properties are being marketed and we will seek the highest prices achievable for our investors as is our normal practice.”

The asset manager has temporarily suspended trading on its fund until midday Wednesday as it implements increased exit fees of 17 per cent in response to investors trying to sell out of the fund.

The sales come as more than half the £25bn property fund sector currently lays suspended, and Aberdeen has temporarily suspended trading on its fund until midday tomorrow after increasing exit fees to 17 per cent in response to investors trying to sell out of the fund.

Columbia Threadneedle Investments and Henderson Global Investors last week also suspending dealing in property funds worth £5.3bn, following similar moves by M&G Investments, Standard Life Investments and Aviva.