LONDON (Reuters) - Legal & General's (L:LGEN) fund arm Legal & General Investment Management (LGIM) said on Wednesday it had reduced the discount applied to investors wishing to withdraw cash from its 2.3 billion pound UK property fund, from 10 percent to 7.5 percent.
LGIM imposed the discount on the UK property fund investors following a sharp downturn in sentiment towards commercial real estate in the wake of Britain's vote to leave the European Union on June 23.
The fund manager had earlier changed the value pricing adjustment for the fund from minus 15 percent to minus 10 percent on July 15, citing improved conditions in the market.
British wealth manager St. James Place (L:SJP) also said on Wednesday it had resumed normal pricing on its 2.6 billion pound SJP Property Fund.
The L&G UK Property Fund invests in more than 100 UK commercial properties across retail, industrial and office sectors on behalf of UK retail investors.
(The story was refiled to fix the headline, no changes to text)