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Report: LGIM lessens severity of cut in UK property fund value

Legal &General Group Plc unit Legal & General Investment Management Ltd. scaleddown a previous cut in the value of its £2.3 billion property fund because ofstabilizing market conditions, Reuters reported July 15, citing a statementfrom the U.K.-based insurer.

LGIM had planned a 15% cut in the fund's fair value, but hasnow adjusted this to a 10% reduction, according to the report.