During the period, “investors have remained increasingly cautious about property funds with the significant change in working patterns following the Covid-19 pandemic, which has reduced demand for office space”, according to the statement.
St. James’s Place is winding down three UK property funds managing a total of GBP1.84 billion ($3.13 billion), a year after halting client redemptions during a wider commercial real estate downturn.
It will take about two years for the majority of the assets to be sold, Britain’s largest wealth manager said in an emailed statement on Wednesday. The firm suspended all transactions in its Property Unit Trust and deferred withdrawals and switch-outs in the Property Life and Pension funds in October 2023.
