Update regarding FPIL Glanmore Property fund (P27)
02 July 2012
FPIL have received a further update from The Glanmore Property Fund Limited to advise that a new valuer (Savills) has been appointed, and that there has been a significant reduction in the value of the fund as a result of the valuation report they have provided. The Glanmore Board has subsequently lifted the pricing suspension on the underlying fund, but has suspended subscriptions into their fund. From the Glanmore Board's notification, they have also clarified;
“What was the outcome of the investigation?
The divergence in the February valuation of Glanmore’s portfolio resulted in the Board seeking an independent valuation of the whole portfolio of assets. They appointed Savills to provide that independent valuation. The valuation produced by Savills reflected the apparent change in market sentiment, particularly towards leveraged retail assets in the secondary market sector
What has caused the fall in price?
There has been a significant decline in the valuations of the Fund’s shopping centres and valuers are now taking a more conservative view on single let and over-rented properties.”
The FPIL mirror fund, P27 Glanmore Property, will remain suspended for pricing purposes at this time, as no new investments are permitted into the fund, and redemptions are still restricted, as previously advised.
The Glanmore EGM remains planned for September 2012, and we will provide further updates once we are informed of the outcome of that meeting.
As soon as any more details are available we will provide you with this information, but if you have any queries in the meantime regarding your policy, please contact firstname.lastname@example.org.
For queries regarding the fund, please contact our Funds marketing & Research Department.