Aviva Investors UK Property and its feeder funds will begin returning capital to investors on 2 August 2021 after the fund was shut down in May.
Investors should receive 40% of the net asset value, according to a report from Investment Week.
However the rest of the cash won’t be returned until assets held under the fund are sold.
The first payment will be made based on the net asset value on 2 August, which should be the first of a number of payments.
The £367m fund held 11 remaining assets as of 30 June.
Investors who haven’t submitted instructions to their manager will see their investments shift to the Aviva Investors Multi-asset Core Fund I.
Aviva shut down the fund in May 2021 14 months after it suspended dealing, citing liquidity concerns.
At the time investors were warned that they will have to wait up to two years to get their money back.
This will happen as remaining assets are sold, which could take between 12 and 24 months.
Aegon, which also ran a major fund, followed Aviva in winding up its £381m Aegon Property Income fund in June over liquidity concerns.
The firm has since pledged to return money to investors as quickly as possible.
The fund manager said last month: “It has proved increasingly challenging to raise sufficient liquidity whilst also ensuring that continuing investors have a representative and well-balanced portfolio,” the fund manager said in a statement.
“In order to ensure all investors are treated fairly, Aegon AM has decided to take steps to close the funds and return the proceeds to investors as quickly as possible, in a fair and orderly manner.”