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UPDATE 1-Canada Life says suspends property funds after Brexit vote

Published 2016-07-06, 01:56 p/m
© Reuters.  UPDATE 1-Canada Life says suspends property funds after Brexit vote

(Changes sourcing, adds details)
LONDON, July 6 (Reuters) - Canada Life Ltd said on Wednesday
it was suspending its property funds, becoming the sixth firm
this week to do so.
Canada Life said it was suspending its Canlife Property and
Canlife UK property funds due to the ongoing uncertainty around
the pricing of commercial property assets following Britain's
vote to leave the European Union.
The firm also made the decision after a recent increase in
requests to withdraw from the funds, it said in a statement.
The funds, which are valued in the region of 450 million
pounds, include the Canada Life Property Pension Fund, Canada
life UK Property Life Fund and Canada Life Property Life Fund
among others.
Canada Life said that it was suspending its Canlife Property
and Canlife UK Property life and pensions funds with effect from
1400 GMT July 5.
The number of British property funds suspended following the
country's vote to leave the EU doubled to six on Wednesday,
leaving 15 billion pounds ($19.4 billion) frozen in the biggest
seizing up of investment funds since the 2008 financial crisis.

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