Spain's Inverseguros, has become the third fund manager in the country to freeze redemptions from one of its property funds. The Spanish company said in a stock market filling that it plans to delay reimbursing subscribers of its Segurfondo Inversión FII fund for two years due to a lack of liquidity.
Spain's Inverseguros, has become the third fund manager in the country to freeze redemptions from one of its property funds. The Spanish company said in a stock market filling that it plans to delay reimbursing subscribers of its Segurfondo Inversión FII fund for two years due to a lack of liquidity.
The company has received withdrawal requests for a total of EUR 585 mln, around 96.8% of the fund's total value. The fund is the fourth largest property fund in the country after Santander Banif Inmobiliario, BBVA Propiedad FII and Sabadell BS Inmobiliario.
In February Spanish bank Santander requested a freeze on payouts from Spain's largest real estate fund, Banif, after investors sought to withdraw 80% of the vehicle's capital. Another major Spanish bank BBVA ran into similar problems with its real estate fund in November last year.
