The coronavirus (COVID-19) pandemic has caused a global crisis that is shaking societies around the world. The Finnish government, together with the President of the Finnish Republic, has stated that Finland is in a state of emergency, and has for the first time in the country’s peacetime history implemented crisis legislation. Uncertainty has increased significantly, also in the financial and real estate markets, with no clear consensus on the duration, or the social and economic consequences of the crisis.

According to the fund rules of Trevian Finland Properties I, the fund can temporarily suspend the execution of subscription and redemption assignments, if the equal treatment of unit holders or other weighty interest so requires in, for example, “such exceptional circumstances where the value of the fund units cannot be reliably calculated, or an exceptional event disrupts the operation of the financial or property market”.

The fund has no pending redemptions for the March redemption window, and its financial situation and liquidity remain strong. However, after a careful review of the situation, the Board of Trevian Funds AIFM has in its meeting on 24 March 2020 decided that the coronavirus pandemic is such an exceptional event described above that is seriously disrupting the operation of the markets. Under these circumstances, Trevian Funds AIFM deems that a temporary suspension of new subscriptions and redemptions is a responsible and expedient way of protecting the investments and the equal treatment of the fund’s unit holders.

 

ADDITIONAL INFORMATION:

Emilia Riikonen, CEO
Trevian Funds AIFM Ltd
tel. +358 50 501 2481
emilia.riikonen@trevianrahastot.fi

Reima Södervall, Chairman of the Board
Trevian Funds AIFM Ltd
tel. +358 50 362 7400
reima.sodervall@trevian.fi

 

Trevian Funds AIFM was established in 2017 and it has a license under the AIFM Directive. The company is based on Finland’s strongest property portfolio management expertise. Non-UCITS Trevian Finland Properties I is its first fund to invest in strong cash flow and development potential.