The funds initially ceased trading on 6 July, taking their cue from other commercial property funds from the likes of Standard Life Investments, Aviva and M&G Investments.
Aberdeen dropped an additional bombshell on investors last week when it announced it would be devaluing its funds by 17% like competitors, Legal & General (15%) and Kames Capital (5%), had done with their own funds.
Since the application of the new exit penalties, numerous redemption requests from investors have been withdrawn, the firm reported.
Though trading was supposed to resume by midday on Monday, Aberdeen said trading would not reopen until noon on Wednesday.
Orders for subscriptions and redemptions made between midday on 5 July and midday on 6 July will be processed this Wednesday at the diluted price unless they are withdrawn before noon on the day, the firm said.
Aberdeen justified its decision to process redemptions using the higher exit penalties because it better “reflects the current market environment and the fact that short term trading in the property market has relatively penal consequences.”
The two day extension on the frozen funds was designed to provide investors with more time to consider their options in these exceptional circumstances and to ensure existing customers are treated fairly.
Martin Gilbert, Chief Executive of Aberdeen Asset Management, said: “While we are in a good position to lift the suspension today, given the exceptional circumstances and specific requests we have received from two large platforms, we believe it is appropriate to allow a further two days for remaining investors to be contacted in the interests of treating all customers fairly.”