March 17, 2020 / 5:49 PM / 22 days ago

Britain's Kames Capital suspends two property funds amid coronavirus turbulence

LONDON, March 17 (Reuters) - Kames Capital said it has suspended dealings in two property funds due to “turbulent market conditions” making it difficult to accurately value the properties they contain.

“Chief among these events is the ongoing coronavirus crisis, which I know is a real concern for all of us,” Stephen Jones, chief executive of Kames Capital, said in a letter to investors.

“At the same time, we have had to contend with a sharply lower oil price as well as the impact of the ongoing Brexit negotiations. These issues are affecting all areas of the stock market, including property investing.”

The suspension came into effect at midnight on 16 March and was in agreement with the funds’ depositary, Kames said. (Reporting by Huw Jones; editing by Pamela Barbaglia)

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