A student accommodation fund listed offshore has become the latest in a string of such vehicles to be suspended after a spate of withdrawals used up its cash reserves.
The £282m Channel Islands-listed Mansion Student Accommodation fund said cash reserves have been "exhausted" through continual demands for redemptions from investors. All of the fund's five share classes - in sterling, US dollar, Singapore dollar, Swiss franc and the euro - have been closed to both redemptions from existing investors and purchases from new investors, according to a document filed on the stock exchange. The suspension applies to anyone who has opted to sell after the 1 October. "The reason for the suspension is the continuing net redemptions from [the fund's] cells ...
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