Henderson Global Investors is re-opening the New Star International Property Fund for dealing. The £290 mln (EUR 332 mln) vehicle was closed in November 2008 following 'unusually heavy redemptions' in the wake of the credit crisis.

Henderson said the fund has increased liquidity over the past months through the implementation of a large disposal programme aimed at ensuring that 'the fund could re-open for dealing as soon as reasonably practicable'.

Simon Hillenbrand, Henderson's director of UK retail, said that the vehicle is scheduled to re-open in February 2010. 'I am encouraged by the future prospects for the fund given early signs of recovery in some international commercial property markets and improving investor sentiment towards this asset class,' Hillenbrand said. 'I also believe the changes that we have made to the management of the fund's liquidity will serve investors well in the future.'

The UK’s Financial Services Authority has approved the introduction of a restricted redemption share class for investors whose holding is worth more than £7.5 mln. Should these investors wish to sell shares they will need to give one month's written notice or pay a redemption charge of 10% of the value of the redemption. These stricter redemption procedures for large investors should allow the fund manager greater control over liquidity, Henderson said.

The mid to long term target liquidity for the fund will be in the region of 15 to 20%.