Aberdeen to keep suspension of property fund in place for two more days

LONDON (Reuters) - Aberdeen Asset Management said on Monday it is to keep the suspension on its 3.2 billion pound ($4.12 billion) UK property fund in place for two more days, as funds attempt to control withdrawals after Britain voted to leave the European Union.

More than 18 billion pounds in property funds aimed at retail investors was frozen last week following a tide of redemption requests after the Brexit vote last month.

Aberdeen last week cut the value of the fund by 17 percent and imposed a temporary suspension.While Aberdeen is in a position to lift the suspension now "we believe it is appropriate to allow a further two days for remaining investors to be contacted," so they are all treated fairly, Chief Executive Martin Gilbert said in a statement.

The fund, which is invested in UK commercial real estate, is now looking to sell some of its assets to meet redemption demands.

"A limited number of properties are being marketed and we will seek the highest prices achievable for our investors as is our normal practise," said Gerry Ferguson, Aberdeen's head of UK property pooled funds.

An Aberdeen spokesman declined to comment on a report by Bloomberg that it had appointed a broker for the sale of an office in Hammersmith, west London, for around 105 million pounds.

(Reporting by Andrew MacAskill and Carolyn Cohn; Editing by Rachel Armstrong)