The investor said that it had made good progress with asset sales, enabling it to re-establish the necessary liquidity buffer.

Henderson underlined it was retaining a high-quality, diversified portfolio with a strong tenant base and asset mix.

In the period since dealing in the PAIF and feeder funds was suspended, 23 assets have either been disposed of or are under offer to be sold.

In a note to investors, Henderson said: 'The focus remains on holding a strong portfolio of defensive, core assets with a mix of robust tenants on long leases across all sectors. The portfolio provides an attractive net historical income yield of 3.2% (4.0% estimated gross yield for eligible investors), which, in the form of contractual rental income, offers a steady income stream and remains attractive relative to bonds and equities.'

The note added: 'The average lease term is 10.7 years and the managers are aiming for the fund to stay at around this level at the end of the sales programme. The void rate is 3.4%, well below the UK Investment Property Databank (IPD) benchmark average of 9.8% (30 June, latest available figure), evidencing the strength of the fund’s tenant base.'

Henderson also said that its fair value adjustment (FVA) on the direct property portfolio was being reduced to –1.96% as of 20 September 2016. A FVA of 5% was first applied the day the EU referendum result was announced.

Media reports this week suggested that Standard Life Investments will also reopen its frozen property fund in Q4 2016.