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UK Property Funds Gate Redemptions to Avoid Asset "Firesales"

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"The dominoes keep falling in Britain...

The last week - since The Bank of England bailed out its pension fund system - long-gilts and cable have rallied notably erasing much of the immediate pain felt in the margin-call/liquidity-fest chaos that forced the 'old lady' to step in.

However, as we noted over the weekend, the scars remain and funds are continuing to sell down assets, reducing exposures as the sudden collateral shortage has spooked many.

That selling has prompted spillover effects, specifically, as The FT reports, three of the UK's largest property fund-managers have admitted they are unable to handle heavy demand from investors seeking to withdraw money."

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