When investors scrambled to take out money from property funds at the end of June, Canada Life and several other firms were forced to suspend trading in their funds for fear they would run out of cash to meet redemption requests.
The commercial property market has now shown "some stabilisation" since, Canada Life said, allowing the firm to re-open its fund earlier than original six-month deferral date.
But "property valuations continue to be subject to some uncertainty" due to the ongoing uncertainty surrounding how the Brexit vote will play out.
Senior analyst at Hargreaves Lansdown Laith Khalaf said the move from Canada Life means "re-opening is on the cards" for other property funds that remain suspended; but any other reopenings will depend on how quickly a fund sells its property to raise more cash.
"It depends on the property mix you've got and the price you are willing to accept for it," Khalaf said. "But the storm seems to have passed."
|Aberdeen UK Property||Suspension lifted|
|Aviva Inv Property Trust||Withdrawals suspended|
|F&C UK Property||Open|
|Henderson UK Property PAIF||Withdrawals suspended|
|Legal & General UK Property Trust PAIF||Open|
|M&G Property Portfolio PAIF||Withdrawals suspended|
|Canada Life Canlife UK Property||Suspension lifted|
|Standard Life UK Real Estate||Withdrawals suspended|
|Threadneedle UK Porperty Trust PAIF||Withdrawals suspended|
Canada Life said it sold two properties in August to fulfil its liquidity requirements.
Aberdeen Asset Management is the only other fund that has lifted the suspension on withdrawals that it imposed after the EU referendum; but Aberdeen only intended to close the fund briefly while it re-priced, Khalaf said.
David Marchant, chief investment officer at Canada Life, said: "We have had two month end pricing valuations since the United Kingdom's vote to leave the European Union and our decision to defer requests to withdraw investment in the property funds.
"Real estate investment and occupational transaction activity has been subdued in that time, and the market outlook remains unclear."
Marchant said due to the current "lack of market transparency" the funds external valuers have said they are uncertain about the accuracy of their valuations.