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Report: Legal & General Investment Management cuts UK property fund's value

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Report: Legal & General Investment Management cuts UK property fund's value

Legal &General Group Plc unit Legal & General Investment Management Ltd. cut thevalue of its £2.3 billion U.K. property fund by 10%, in addition to a previous5% valuation cut, amid ongoing uncertainty after the U.K. voted to the EU, Reuters reportedJuly 7.

"At this time it is still difficult to predict the exactimpact of the vote to leave and subsequent market events on commercial propertyvalues," LGIM reportedly said in a statement.

LGIM's move is the latest in a series of trading suspensionsor valuation cuts in U.K. property funds in the wake of the Brexit vote,Reuters noted. Standard LifePlc, Henderson GroupPlc, AvivaPlc and Prudential Plc'sM&G Investment ManagementLtd. have all temporarily suspended trading in certain real estate funds.