The Aviva Property Trust will accept new capital and allow investors to redeem their investments on December 15.
The trust suspended trading on July 5 this year as wider suspensions spread through the UK property funds sector after the Brexit vote.
The trust will reopen following the sale of 11 holdings, totalling £212 million (€247 million).
A spokesperson for the firm said there had been no forced sales and managers had strived to obtain the best value on transactions, with prices broadly in line with market valuation changes since the referendum.
Mike Luscombe, co-manager of the fund and an Aviva Investors veteran of 28 years, will retire at the end of January – fellow co-manager Andrew Hook will be the sole named manager, supported by an assistant and a dedicated asset management team. A newly-established UK transaction team will assist with sourcing, developing and managing portfolio holdings.
Sentiment in the UK real estate market has improved since the aftermath of the vote to leave the European Union in June, with valuations appearing to have broadly stabilised.
Ed Casal, chief executive of Aviva Investors Real Estate, said that UK property fundamentals were attractive, with yields still relatively high, asset prices favourably relative to other more volatile asset classes, and the long-term investment case for investment remaining strong.
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