St. James’s Place Plc plans to wind down three UK property funds that manage a total of £1.84 billion ($2.3 billion). This decision comes after the suspension of client redemptions last year due to a significant downturn in the commercial real estate sector.
The firm expects to sell off the majority of the assets within a two-year timeframe. In October 2023, St. James’s Place stopped all transactions in its Property Unit Trust and deferred withdrawals and switch-outs in its Property Life and Pension funds, reflecting the ongoing challenges in the market.