BMO unit F&C cuts price of 305 million pounds UK Property Fund

LONDON (Reuters) - The F&C UK Property Fund, run by BMO Global Asset Management, has cut the price of units in its fund by five percent as a result of increased redemption requests after Britain's vote to leave the European Union.

The 305 million pound retail-focused fund has also moved to weekly valuations from monthly and to bid-pricing, which gives investors looking to redeem a less favourable price.

"The level of redemption requests we have recently received and market conditions suggest that investors may place further redemptions; leading to downward pressure on realisable property values," the firm said in a statement on its website, adding the price cut had taken effect from July 6.

BMO GAM is the asset management arm of Bank of Montreal (BMO.TO).

(Reporting by Simon Jessop; editing by Carolyn Cohn)