Property group Brandeaux has announced the redemption of a further 4% of investor shareholdings in its suspended student funds.
The firm has written to shareholders to inform them it will process the latest compulsory redemptions by 30 April, following on from those made in March after the company sold its property portfolio. An initial 95% of shareholdings in its student funds were redeemed on a compulsory pro rata basis last month, the sale of Brandeaux's property portfolio to the Canada Pension Plan Investment Board (CPPIB) having enabled it to provide liquidity to shareholders. That announcement was accompanied by a further writedown of the Student Accommodation fund's NAV, however, to £2.80 per share. NAV...
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