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St James’s Place (SJP) has suspended trading in three UK commercial property funds worth £3.6bn owing to valuation issues caused by the coronavirus (Covid-19) pandemic.

The trading suspension impacts the SJP Property Unit Trust, Property Life fund as well as the Property Pension fund.

The firm is said to have enforced the suspension after facing problems in valuing the underlying assets, which a spokesperson for the wealth manager added “is a challenge for the entire property investment sector at present, rather than SJP funds in isolation”.

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A spokesperson from SJP stated: “Property fund valuers across the market, including our independent valuer CBRE, are currently unable to accurately or fairly value the properties within our property funds.

“The inability to accurately price property funds is a challenge for the entire property investment sector at present, rather than St. James’s Place funds in isolation.

“A number of other commercial property funds have also suspended in recent days and this decision has been taken in our clients’ best interests’.”

With the latest move, SJP follows in the footsteps of other firms including Aviva Investors, BMO GAM, Columbia Threadneedle, Janus Henderson, Kames Capital, and Legal & General, among others.