Mansion calls for liquidation of suspended Student Accommodation fund

The property manager of the Mansion Student Accommodation fund has proposed a wind-up of the fund after redemptions were suspended for more than a year.

In a letter to other investors in the Guernsey-based fund, Mansion said the status quo "cannot remain as it is". The Mansion Group runs the properties held within the fund and is the largest shareholder in the vehicle, which was valued at £250m last October, according to the FT,  Mansion does not manage the fund itself, however. All five of the fund's share classes were closed to redemptions in October 2013, directors saying at the time that cash reserves had been "exhausted". Mansion has now urged fellow shareholders to support a "voluntary winding-up" of the fund in a letter l...