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St James's Place resumes normal pricing on its UK property fund

Reuters - UK Focus

LONDON, July 27 (Reuters) - British wealth manager St James's Place said on Wednesday it had resumed normal pricing on its 2.6 billion pounds ($3.41 billion) SJP Property Fund as concerns around the outlook for the UK commercial property market start to ebb.

The fund had moved to bid-pricing in the days after Britain's vote to leave the European Union on June 23 amid a rash of redemption requests, effectively forcing sellers of units in the fund to accept a lower price.

The company said it continues to value the fund's assets on a weekly basis, rather than revert to the more usual monthly valuation pending further upswing in market sentiment.

($1 = 0.7623 pounds) (Reporting by Simon Jessop; editing by Sinead Cruise)