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L&G's fund arm cuts offer spead to zero on UK Property Fund

Reuters - UK Focus

LONDON, July 7 (Reuters) - Legal & General Investment Management said on Thursday it had cut the offer price to zero on its UK Property Fund and Feeder Fund in response to market ructions after the UK's vote to leave the European Union.

The fund arm of insurer Legal & General (LSE: LGEN.L - news) said the price move was for a "limited period" and follows a move earlier in the day to extend a self-imposed cut in the value of the fund to 15 percent as more investors look to take their money out.

"In normal circumstances the bid/offer spread is there to cover any transaction costs associated with buying and selling properties. However, as we have no plans to acquire any assets in the short term, this is not currently relevant," it said.

"This 0 percent spread will be reviewed on an ongoing basis alongside the continued close monitoring of our current portfolio and liquidity position." (Reporting by Simon Jessop; editing by Carolyn Cohn)