Last checked at 
LONDON, Sept 9 (Reuters) - British surveyors said on
Wednesday there was no longer "material uncertainty" over real
estate valuations, paving the way for the reopening of many
frozen funds in the 70 billion pound ($91 billion) UK property
fund sector.
The Royal Institution of Chartered Surveyors said in a
statement that its forum on the issue "recommends a general
lifting of material valuation uncertainty", pointing to the
easing of many restrictions imposed on households and businesses
as a result of the coronavirus pandemic.
RICS said, however, that surveyors should continue to assign
the material uncertainty tag to "some leisure and hospitality
assets" on a case-by-case basis.
Real estate funds designed for individual retail investors
totalling more than $8 billion were suspended in March after
surveyors said it was not possible to be sure about valuations
due to the pandemic.
Investors can normally take their money out of such funds
any day they like.
Institutional real estate funds, which keep investors' money
locked up for longer, quickly followed suit.
Funds may be cautious about reopening initially, in case
investors rush for the exits, said Oliver Creasey, equity
research analyst at Quilter Cheviot.
"The fund managers will be absolutely desperate to avoid a
scenario where the fund reopens and then a week later is forced
to close over liquidity concerns."
($1 = 0.7724 pounds)
(Reporting by Carolyn Cohn; Editing by Hugh Lawson)
