Brandeaux to make compulsory redemptions on Student fund

Brandeaux has completed the sale of its student accommodation property portfolio and aims to make payments to shareholders in the suspended funds this month, though NAV per share has been reduced further.

The property group has sold its Student Accommodation portfolio of 41 properties to the Canada Pension Plan Investment Board (CPPIB). As part of the sale, CPPIB will assume the funds' debt obligations, comprising £200m in bank loans and $155m of privately placed US loan notes. Brandeaux said the fund had an unaudited NAV of £797.1m as at 28 February, equivalent to £2.80 a share, after "transaction costs incurred in providing liquidity and an estimated amount for the costs of winding up the fund". The most recent writedown prior to the latest announcement saw the fund's NAV drop from £...