L&G have today re-opened their UK Property fund for dealing. Dealing in the fund was suspended in March as a result of material uncertainty over the valuation of the portfolio in the wake of the Covid-19 lockdown. This was an issue that impacted the whole of the UK daily dealing, direct property fund sector and therefore all of the L&G fund's direct peers.

It is very welcome that L&G have been able to lift the suspension in dealing on their fund. In our view, the L&G property team has managed the fund well against some very challenging headwinds for the sector. The manager has understandably increased liquidity within the portfolio during the suspension period in order to accommodate any potential elevated levels of redemptions given the situation. However, for now, we have decided to maintain the suspension of our Recommended rating while we monitor the impact of resumed dealing on the fund's liquidity position and its portfolio.