Two weeks after seven funds with stakes in U.K. commercial property suspended trading in the wake of the U.K.'s Brexit vote, only one, Aberdeen Asset Management, has reopened for business.
And investors will have to pay a heavy price to wrest themselves free from the Aberdeen fund: There's a hefty 17 percent liquidity premium added to sales costs and a long-term fair value adjustment.
This makes the overall discount – or "total property asset reductions" in Aberdeen's words – equate to 26 percent. So for every pound you had in the fund on the day before the referendum, you only receive 74 pence if you want it today. Still, the possibility to redeem at all is an advantage over those investors who bought into peer funds which have given no indication of when the withdrawal ban will be removed.