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Termination of Janus Henderson UK Property PAIF (the Fund) and Janus Henderson UK Property PAIF Feeder Fund (the Feeder). Together “the Funds” 

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Termination of Janus Henderson UK Property PAIF (the Fund) and Janus Henderson UK Property PAIF Feeder Fund (the Feeder). Together “the Funds” 

Further to our notice on 4 March 2022, advising that dealing in the Janus Henderson UK Property PAIF and the Janus Henderson UK Property PAIF Feeder Fund was suspended, we can confirm that the sale of the property assets of the Janus Henderson UK Property PAIF has now progressed to a point where we can begin the process of terminating the Funds and planning for the return of proceeds to investors. 

What are the next steps in closing the Funds?

On 28 April 2022 the Board of the Funds’ Authorised Corporate Director (ACD)/Manager exchanged contracts with the selected single purchaser of the Fund’s direct property portfolio. The sale price is above the most recent independent valuation used to price the Funds. We believe this provides a good outcome for investors given the ongoing uncertainty faced by daily dealing property funds (as explained in our notice of 4 March 2022).

Putting the Funds into termination now is necessary to protect the Fund’s PAIF status and to allow completion of the property sale and preparation of the payment of proceeds to investors. Between exchange of contracts and completion of the deal there are a number of activities that need to take place and, as is the way with property transactions, the timing of these is hard to orchestrate. We currently expect the property portfolio sale process to complete in the week commencing [16 May 2022]. We hope to be in a position to instruct the payment of proceeds two weeks after the completion date and currently estimate this to be in the week commencing [6 June 2022]. We will confirm these dates via our website and in further corporate action notices.

This payment will be made up of the net proceeds from the property sale and the remaining cash held by the Fund. The costs involved in selling the direct portfolio of properties will be borne by the Funds and estimated costs for this are already reflected in the ‘bid’ price (the published price at which shares/units are redeemed). The administrative costs of terminating the Funds will be borne by Janus Henderson.

The process of putting the Funds into termination requires an additional income distribution. This will be calculated as at the date termination commences (28 April 2022). For income share/unit holders this will be paid on 28 June 2022. For accumulation share/unit holders, this amount will form part of the proceeds returned to them. Details of the distribution rates will be issued in the normal way.

**Please note there will be no further valuation prices issued. An XD price will be issued later today via email. The final redemption prices will be issued once the property sale has completed and been processed. We expect this to be issued via email in the week commencing 13 June 2022**.

 

It may be necessary to make subsequent payments to you. These would be the balance arising from any future outstanding amounts due to the Funds being collected and any outstanding payments being made from the Funds. We will write to you again in advance of any future payments.

Action you can take

Unfortunately, there is no opportunity to switch into another Janus Henderson fund because the PAIF and its Feeder Fund move straight from suspension into termination. However, there will be no charge should you wish to reinvest your proceeds, once received, into another Janus Henderson fund. You will need to instruct any purchase in a new fund.

Payment of proceeds to you may be delayed if we do not have your correct bank account details or if there is any outstanding documentation relating to your account. Please do not hesitate to contact us, using the details provided below, to check. The return of proceeds to investors will be treated as a ‘disposal’ for UK tax purposes and you may be liable to capital gains tax on any gains arising


Should you have any queries on this communication please contact the SS&C Distributor Client Services Team, our contact details can be found by clicking here.

Please fund below a list of affected share classes

Fund Name

Sedol

ISIN

Janus Henderson UK Property PAIF A Acc

BP46GC2

GB00BP46GC27

Janus Henderson UK Property PAIF A Inc

BP46GD3

GB00BP46GD34

Janus Henderson UK Property PAIF G Acc

BP46GH7

GB00BP46GH71

Janus Henderson UK Property PAIF G Inc

BP46GJ9

GB00BP46GJ95

Janus Henderson UK Property PAIF G Inc Gross

BZ8GXZ0

GB00BZ8GXZ00

Janus Henderson UK Property PAIF I Acc

BP46GF5

GB00BP46GF57

Janus Henderson UK Property PAIF I Acc Gross

BYP82M2

GB00BYP82M28

Janus Henderson UK Property PAIF I Inc

BP46GG6

GB00BP46GG64

Janus Henderson UK Property PAIF Z Acc

BP46GM2

GB00BP46GM25

Janus Henderson UK Property PAIF Z Inc

BP46GN3

GB00BP46GN32

     

Janus Henderson UK Property PAIF Feeder Fund A Acc

BYP82B1

GB00BYP82B13

Janus Henderson UK Property PAIF Feeder Fund A Inc

BYP8299

GB00BYP82996

Janus Henderson UK Property PAIF Feeder Fund G Acc

BYP82G6

GB00BYP82G67

Janus Henderson UK Property PAIF Feeder Fund G Inc

BYP82F5

GB00BYP82F50

Janus Henderson UK Property PAIF Feeder Fund I Acc

BYP82D3

GB00BYP82D37

Janus Henderson UK Property PAIF Feeder Fund I Inc

BYP82C2

GB00BYP82C20

Janus Henderson UK Property PAIF Feeder Fund U2 Acc

BYP82K0

GB00BYP82K04

Janus Henderson UK Property PAIF Feeder Fund U2 Inc

BYP82H7

GB00BYP82H74






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