Axa closes withdrawals from it’s Property Fund

January 31st, 2008 | by Simon Rattray

Insurance company Axa joined the list of casualties of the credit crunch by closing short term withdrawals from its commercial property fund, worth over £2.1 billion pounds.This means that over 100,000 smaller investors will not be able to get at their money for sixth months, a move aimed to stop the recent investor exodus from commercial property funds.

It has been estimated that upto eight billion pounds is now secured in sluggish, poorly performing property funds that were once seen as a more than safe bet for people wishing to grow their pension funds. Some funds have lost upto 50% of their value. Although the floor maybe in site, the market has hemorrhaged substantial value in the last few months.

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