Are property REITs re-ratings and discounts 'overdone'?

Recent months have been mixed for the UK property market. The asset class performed well early in the year, but returns were rocked by the uncertainty surrounding June's Brexit vote.

The market has turned in recent months, and remains in modestly positive territory for the year to the end of October. Following the UK's decision to leave the European Union (EU), the ability of property to remain well let and at a reasonable rate of rental income has essentially come into question.  The result of this concern has been a re-rating of the asset class, leading to a rush to withdraw from the asset class which had the consequence of a number of high profile, daily dealing, directly invested funds gating redemptions.  While we continue to believe the mismatch in liquid...