M&G becomes third asset manager to suspend its property fund

Added 5th July 2016

M&G Investments has temporarily suspended trading in the shares of the £4.4bn M&G Property Portfolio and its feeder fund.

M&G becomes third asset manager to suspend its property fund

M&G will review the suspension every 28 days.

The move follows similar steps taken by Aviva Investors today and Standard Life Investments yesterday afternoon.

The firm said investor redemptions in the fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum.

Redemptions have reached a point where M&G believes the suspension is the best way to protect the interests of the funds’ investors.

According to M&G, the move will allow the fund manager time to raise cash levels in a controlled manner, ensuring that any asset disposals are achieved at reasonable values.

The decision was taken in agreement with the fund’s depositary and the Financial Conduct Authority has been informed.

Orders placed after 12pm on 4th July 2016 will not be processed until the suspension is lifted.

The M&G Property Portfolio is a diversified fund which invests in 178 UK commercial properties across retail, industrial and office sectors on behalf of UK retail investors. The fund has no borrowings.   

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Alex Sebastian

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Alex joined Portfolio Adviser in April 2014 and has been a financial journalist since 2008. He has previously held editorial positions at the Financial Times Group and Euromoney Institutional Investor. Alex is NCTJ qualified and has a degree in economics from the University of Sussex.



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