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New Star suspends redemptions on International Property fund.

Discussion in 'Buying Overseas Property' started by Damian George, Nov 25, 2008.

  1. Damian George

    Damian George New Member

    By Dylan Lobo

    Difficult market conditions have forced New Star to suspend redemptions on its £470 million International Property fund.

    The group said the move had been prompted by withdrawals, mainly on the institutional side, which has impacted the fund's liquidity.

    New Star said the suspension is designed to restore sufficient liquidity to the fund for meet redemptions once it re-opens for dealing. It said it intends to minimise the period of suspension.

    However, it emphasised the importance of getting a fair value for investors when disposing of assets, and given the weak market environment, it would be difficult to estimate how long the suspension would run for.

    Full Story visit CityWire

    Well it pretty much confirms that property prices in spain and france especially are falling rapidly due to the fact getting a spanish mortgage or french mortgage is virtually impossible

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