The asset manager suspended trading in its Property Authorised Investment Fund (PAIF) and feeder funds in July, following fears that there could be a run on the fund and insufficient cash to meet redemptions.
It said that it would re-open the fund from 26 September.
"Investors in Columbia Threadneedle property fund will breathe a sigh of relief that the exit doors are now open, albeit ten per cent down since mid-May. It suggests it is in a better position than others," said Hargreaves Lansdown analyst Danny Cox.
“In the short period following the referendum we saw animal spirits drive unprecedented levels of redemptions from daily dealt open-ended property funds," said Columbia Threadneedle's Don Jordison.
Alongside soft-closing the fund, Columbia Threadneedle moved to weekly – rather than monthly – valuations of the fund's portfolio. The manager said that from 26 September it would revert back to monthly valuations and would not impose any penalty charges for redemptions.
The fund value is down less than one per cent during the period it has been suspended according to Columbia Threadneedle.
The manager sold 25 properties realising £167m during the suspension period – though it insisted that these were planned and not forced sales.
"Any effects of the Brexit vote on the overall UK economy – negative or otherwise – will take many months if not years to transpire and some time after that for the property market.
"In the current climate of low growth and low returns from other asset classes, and with the UK property market yielding 5%, it is our view that UK property offers a significant in-built risk premium for long-term investors," said Jordison.