Investors in embattled property fund Glanmore have finally been handed some good news as it emerged the freeze on redemptions would come to an end in 2014.
It had been feared redemptions could be blocked for up to four years but in a brief note Glanmore directors said the postponement would end next September, leaving open the possibility for redemptions next year.
The latest announcement on Glanmore may come as welcome news for a number of ex-Tilney investment managers who invested their own and client money in the fund, which posted an 82.4% loss over last five years.
Initially, investors stuck in the vehicle had hoped to liquidate their holdings last summer, when a 48-month suspension was due to come to an end. These hopes were quickly dashed, however, as directors hinted at the possibility of a redemption freeze until 2016.
The Glanmore Property fund was managed by commercial property manager and property services group Cardales, which was acquired by Tilney Asset Management in 2004.
Deutsche Bank acquired Tilney in December 2006, just before the fund ran into difficulty when the real estate market turned sour late in 2007. Glanmore’s fund stopped redemptions shortly afterwards and investors have now been frozen out for four years.