St James's Place moves to bid pricing on UK property fund

[LONDON] St James's Place has moved to bid pricing on its £2.7 billion ($4.71 billion) UK property fund, following a string of other British property funds which have cut valuations or suspended trading.

The firm made the change to its SJP Property fund on Wednesday, a spokeswoman for the company said in emailed comments on Friday. Bid pricing gives investors looking to redeem their money a less favourable price.

Retail investors have been rushing to redeem high-yielding but risky property investments after Britain voted last month to leave the European Union.

REUTERS