Which property funds had highest cash buffers in run-up to Brexit referendum?

Raised cash at the start of the year

Cash levels held by property fund giants varied from 8%-22% just before the EU referendum at the end of May, but even those with higher liquidity buffers have been unable to avoid the fall-out from the Brexit vote which has seen a raft of suspensions across the sector.

Following the last big test for property funds during the financial crisis, regulators suggested cash buffers were increased to around 10%-15%, up from pre-crisis levels in the 5%-10% range. This recommendation was followed by the majority of property funds according to figures at the start of the year, with many also raising their exposure to more liquid property securities in recent years. However, despite these precautions, many came under intense strain to meet redemptions as outflows gathered pace in the run-up to the EU referendum on 24 June. After a period of uninterrupted infl...