The doors are reopening on the £35bn of investors’ money locked in commercial property funds, after they were suspended in the wake of the Brexit vote when panicking investors feared a collapse in values. Shortly after the EU referendum result, Standard Life halted trading in its £2.9bn fund, with Aviva, M&G, Henderson and Columbia Threadneedle soon following suit. It meant investors could no longer access their cash held in the funds. What’s more, most of the funds added a “fair value adjustment”, in effect marking down the value of the properties they owned and therefore shrinking investors’ holdings. Legal & ... (full story)