The New Star International Property fund remains suspended from trading, with no date for re-opening although we believe it is likely to re-open in the next 6 months.
The fund was suspended due to lack of liquid assets to cover redemptions but has now begun creating a flow of liquidity after exchanging contracts on one of its properties in Singapore, with other transactions expected to follow to follow. The fund expects to exchange on another property in Melbourne this month and has received considerable interest in its properties for sale in Paris, Amsterdam and Munich.
The potential asset disposals present a broad geographical spread and will therefore leave the diversification dynamics of the fund unchanged.
The Henderson New Star team are taking a controlled and balanced view of bringing properties to the market in order to maximise value for existing investors.
We will continue to provide updates on progress to normal trading in the fund.