Henderson to change £1.8bn UK Property fund structure ahead of possible PAIF move

Henderson is to convert its £1.8bn property unit trust to an OEIC in advance of a potential conversion into a Property Authorised Investment fund (PAIF).

Investment Week can reveal the group has written to platforms to inform them of the proposed switch, which will become effective as of 29 August - subject to regulatory and shareholder approval. Henderson said the OEIC structure "will facilitate future options to develop the fund, including the ability to transition more smoothly to PAIF status". The change comes as a number of other groups switch their property funds to the more tax-efficient PAIF status, with Legal & General and Ignis among those to have done so in recent weeks. PAIF managers are exempt from the usual requirement...