All the daily-dealt ‘bricks and mortar’ commercial property funds from the large asset management companies have now joined M&G Property Portfolio in being ‘gated’ and have suspended redemptions. Sadly, but inevitably, we expect large write-downs in their unit prices over the next few months and there is no guide as to when they will re-open. Currently it is well-nigh impossible for the chartered surveyors to undertake any meaningful valuations as transactions have halted and site visits suspended. Daily traded REITs are invariably lauded over the bricks and mortar funds for their daily liquidity but in practise this is proving to be a bit of a double-edged sword. They tend to be valued on a quarterly rather than monthly basis like the ‘B & M’ funds and the market has marked them down already to huge discounts of around 40% of NAV for some of the large investment trusts.