Gated UK 所有物／資産／財産 基金s are open to その上の 危険
基金s managing $18 billion of UK 所有物／資産／財産 制限する 撤退s
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基金s 捜し出す to offload 商業の 所有物／資産／財産, 危険 解雇する／砲火／射撃 sales
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年金 計画／陰謀s shy away from illiquid 所有物／資産／財産
By Carolyn Cohn and Elizabeth Howcroft
LONDON, Jan 11 (Reuters) - UK 所有物／資産／財産 基金s 直面する その上の 出口 requests, 資産 解雇する／砲火／射撃 sales and 減ずるd 需要・要求する from 年金 計画／陰謀s after payout 制限s 誘発するd 投資家s to 再評価する the 危険s of such holdings, 産業 専門家s say.
BlackRock and M&G are の中で 資産 経営者／支配人s to have deferred third-４半期/4分の1 所有物／資産／財産 基金 撤退s this month, taking the total of 資産 value of 基金s in limbo to around 15 billion 続けざまに猛撃するs ($18.2 billion), に引き続いて a 類似の move by 経営者／支配人s to 延期する second-４半期/4分の1 redemptions in October.
The 最新の deferrals are the fourth time that real 広い地所 基金s referred to as open-ended have locked their gates in Britain since the 2008/09 全世界の 財政上の 危機.
The 現在の 背景 is 示すd by the highest インフレーション 率s for around 40 years and a period of 経済的な 不確定 that knocked 13.3% off UK 商業の 所有物／資産／財産 資本／首都 values in 2022, 逆転するing 伸び（る）s made in 2021, CBRE data showed this week.
"A number of the institutional 基金s have buildings in the market at prices that we have not seen in almost a １０年間," James Nicholls, director of the Central London 資本／首都 Markets team at real 広い地所 consultancy Avison Young, said.
For the most part, 投資家s acquiesce with gating and payout 制限s on open-ended 所有物／資産／財産 基金s to 避ける hefty losses on big-ticket, hard-to-sell 資産s, such as 商店街s and office comple xes.
But some of the longest-苦しむing 投資家s are considering cutting their （危険などに）さらす, people in the 部門 say, while the regulators have 試みる／企てるd to 取り組む its shortcomings.
The 財政上の 行為／行う 当局 in 2020 表明するd alarm at the mismatch between 所有物／資産／財産 資産s that can take months to buy and sell, and 基金s sold on the 約束 of 正規の／正選手, and even daily 貿易（する）ing.
The markets 監視者 has introduced a structure known as the long-称する，呼ぶ／期間／用語 資産 基金, which 要求するs a longer notice period for 撤退s, but 分析家s say this has seen little take-up.
資産 経営者／支配人s 一般に 延期する payouts when they are unable to 会合，会う all redemption requests on open-ended 基金s, to 確実にする that 顧客s are 扱う／治療するd 平等に.
But the regularity of such gating has challenged both the logic and return profile of these types of 基金s, which are often then 軍隊d to 持つ／拘留する much larger cash positions to manage any 早い 殺到する in 撤退s.
Nicholls said he 推定する／予想するd some 基金s which have deferred 支払い（額）s "to 出口 some 資産s ーするために build up their cash reserves for when they do have to start 取引，協定ing with redemptions".
POLITICS AND THE PANDEMIC
所有物／資産／財産 基金s were 一時停止するd on a 普及した basis during the 2008/09 財政上の 危機, に引き続いて the Brexit 投票（する） in 2016 and after COVID-19 lockdowns in 2020. Some 基金s 目的（とする）d at 小売 投資家s have since の近くにd, in a 調印する of 減ずるd 需要・要求する for the 部門.
投資家s withdrew 184 million 続けざまに猛撃するs from UK real 広い地所 基金s in October 2022 after money markets were 揺さぶるd by former 首相 Liz Truss' 会計の 計画（する）s, data from market tracker Calastone showed, although these outflows slowed in the に引き続いて months.
Central banks' 強化するing of 通貨の 政策 will however 悪化させる liquidity problems at 所有物／資産／財産 基金s, Hani Redha, a multi-資産 大臣の地位 経営者／支配人 at PineBridge, said.
"A lot of 資産s have been valued and a lot of 投資s have been structured based off exceptionally low levels of 利益／興味 率s, so once this repricing has happened, there´s a lot of revaluation to be done," he said.
Some 投資家s, such as Neil Meikle, 全世界の 長，率いる of real 資産s at abrdn, whose 1.2 billion 続けざまに猛撃する UK Real 広い地所 基金 remains open, are 希望に満ちた for the 未来. He said the 気圧の谷 for UK 商業の real 広い地所 values was "not far off".
But without a wave of 所有物／資産／財産 sales, finding that 床に打ち倒す is a slow and uncertain 過程.
予選 fourth-４半期/4分の1 data shows 資産 処分s by UK 会・原則s of いっそう少なく than one billion 続けざまに猛撃するs, the slowest period since the data was first 収集するd in 2001, によれば 索引 provider MSCI.
More redemption requests may 誘発する／引き起こす higher 容積／容量s of 軍隊d sales, 押し進めるing 負かす／撃墜する 資産 values, which in turn may lead to 女性 returns and 潜在的に more 普及した 撤退s, Fitch 分析家s say.
The BlackRock UK 所有物／資産／財産 基金 is working on the sale of a pipeline of 資産s, a 過程 that began before deferrals were made, a BlackRock spokesperson said.
The 洪水／多発 of deferrals has おもに 攻撃する，衝突する 基金s 目的（とする）d at institutional 投資家s such as 年金 計画／陰謀s, which have been pulling money out to 料金d 緊急の cash calls に引き続いて the 小型の-予算 in late September.
These 投資家s may shy away from risky 資産s such as 所有物／資産／財産 in 未来, after rising 利益／興味 率s have 狭くするd their 赤字s.
Marc Devereux, 長，率いる of 投資 協議するing at 年金s 顧問s Broadstone, said stronger 基金ing positions mean some 年金 計画／陰謀s may no longer ch oose to lock money up in 所有物／資産／財産 for long periods, 追加するing that some 計画／陰謀s would need to analyse "whether the 存在するing 配分s remain appropriate".
($1 = 0.8240 続けざまに猛撃するs)
(Editing by Sinead 巡航する and Barbara 吊りくさび)
