09 Sep 2020

The RICS has recommended a general 'lifting' of material valuation uncertainty clauses on all UK real estate, excluding some assets valued with reference to trading potential.

Paul Richards, Managing Director of AREF said: "We welcome the lifting of the material uncertainty clause as one step on the path back to a normally functioning commercial property market. Fund suspension is not undertaken lightly and is done in the best interest of savers and investors. It is for individual funds to decide when to re-open having considered their investors’ needs and their liquidity position." 

Read the full recommendations on the RICS website here.




Paul Richards

Paul Richards

Managing Director, AREF

Paul is the Managing Director of AREF.

Before joining AREF, Paul was Head of the European Real Estate Boutique within Mercer’s investment consulting business for almost 10 years, previously he was Head of Indirect Real Estate Investment and Global Managed Accounts at LaSalle Investment Management, where he was responsible for managing global portfolios of unlisted real estate funds for clients from Europe and Asia Pacific.

He has over 25 years of real estate experience in investment, corporate finance and research, and has advised investors, occupiers and venture capital companies on property portfolio strategy and on financial structuring, including PFI, senior and mezzanine debt and joint venture arrangements. His employers have included LaSalle Investment Management, Cushman & Wakefield and Henderson Investors.

Before coming into the world of real estate, Paul worked in marketing and market research. He originally studied Physiological Sciences at Lincoln College, Oxford and has a Master of Science in Real Estate from City University Business School, London, now Cass Business School.