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View the article online at http://citywire.co.uk/wealth-manager/article/a746654

Brandeaux delists student property fund in ‘tireless’ bid to liquidate

by Robert St George on Apr 16, 2014 at 13:24

Brandeaux delists student property fund in ‘tireless’ bid to liquidate

The £1 billion Brandeaux Student Accommodation fund has delisted its shares from the Irish Stock Exchange, but admitted that it still cannot confirm when it will be able to meet redemptions.

‘The directors are acutely aware of the difficulties IFAs face in dealing with their clients invested in the Student Accommodation funds and the inability to give any precise indication of timing on the creation of liquidity,’ the fund told investors.

‘The Student Accommodation funds and their advisers are working tirelessly to reach the best possible solution for investors and a further statement will be made as and when there is further information of significance to report.’

It emerged in February that Brandeaux is considering an initial public offering of its assets to pay back its investors.

Brandeaux has appointed investment banking advisers to assist its directors in assessing such options for liquidating the portfolio.

The fund characterised the delisting as a way to provide ‘as much flexibility as possible’ in exploring these options.

‘This delisting does not affect the directors’ ongoing review of various options with the aim of creating liquidity for existing shareholders,’ Brandeaux commented.

Separately, Brandeaux also revealed that it had raised £167 million from the sale of properties in its Ground Rent fund, which would be distributed to investors in that fund.

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