Aberdeen Asset Management says it will lift the suspension in trading in its commercial property fund at 12pm today.

It was the latest in a series of property fund suspensions this week, which began with Standard Life Investments, following the Brexit vote.

The company has given shareholders the option to back out of the vehicle, if they are prepared to take a 17 per cent hit to their investment.

The business released a statement saying that “in the interests of treating all customers fairly the Aberdeen UK Property Fund and the Aberdeen UK Property Feeder Unit Trust will make a dilution adjustment” with the result that the dealing price is reduced by 17%.

The Aberdeen statement read: “This action has been taken due to rapidly changing commercial property market conditions and to continue to provide liquidity in the Fund at a price reflecting those conditions.

“Aberdeen is mindful of the fact that a 17% impact on fund pricing may lead shareholders who have placed redemption orders to re-consider their decision. Accordingly, it has been decided to temporarily suspend trading in the Funds from 12 noon on 6 July and to lift the suspension tomorrow 7 July at 12 noon in order that shareholders who have placed trades have the option to withdraw that instruction if they wish.

“Shareholders wishing to redeem will do so at a price which is subject to the above dilution adjustment in order to reflect the current market environment and the fact that short term trading in the property market has relatively penal consequences. Those investors who submitted redemption requests before 12 noon today will have the opportunity to cancel or proceed with the trade.

Martin Gilbert, chief executive at Aberdeen Asset Management, said: “Reducing the share price of the Fund reflects the changing market conditions over the past week or so and uncertainty around prices in the property market; sellers requiring liquidity are having to market properties at sometimes significant discounts to their recent valuations.

“ Aberdeen’s property fund continues to hold a good level of cash, which permits us to offer these options to investors, but it is imperative that we protect remaining holders by fairly reflecting the impact of short term trading on values provided to redeeming shareholders. The property market itself may take some time to find its level but we believe that the same factors that made property a good long-term investment yesterday remain true today.”