Morgan Stanley's Investa Property Group in Australia says it is working toward allowing unit holders of its frozen unlisted funds to make redemptions in the next year to year and a half. "Mum and dad investors have been belted in this cycle," said Michael Cook, group executive for commercial property investments. "That's why it's important to fix the problem and get the funds open again. But you have to be careful you don't open a fund and get a run on it straightaway."

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