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Pandemic Leads AEW to Suspend Payouts on Core Property Fund
Boston-based investment manager AEW has suspended redemption payouts for AEW Core Property Trust, its $7.2-billion US open-end core vehicle, PERE reported. The suspension came in response to the market disruption and uncertainty brought about by the coronavirus pandemic.
“We believe at this critical juncture, it is important to act cautiously as the investment and capital markets react to events over the course of the second quarter,” AEW wrote in an email to the fund’s investors. “We will learn much in April and May, as businesses respond to ongoing closures and changes in demand.”
Launched in 2007, AEW Core Property Trust had raised $5.9 billion in total capital as of December 2019. The fund invests in income-producing assets across the major property types.
AEW is reportedly the first real estate fund manager in the U.S. to suspend incoming capital flows, as well as payouts, since the lockdown began in mid-March.
Pictured: AEW headquarters at 2 Seaport Ln. in Boston.
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