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

Reuters
A crane is seen on a construction site in London, Britain July 7, 2016. REUTERS/Neil Hall/File Photo (Reuters)

LONDON (Reuters) - British wealth manager St James's Place said on Wednesday it had resumed normal pricing on its 2.6 billion pounds 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. (Reporting by Simon Jessop; editing by Sinead Cruise)