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M&G Investments continues suspension of £2.5B UK property fund

U.K. asset manager M&G Investments will continue the temporary suspension of its flagship U.K. property portfolio and feeder fund until further notice.

M&G Investments noted that the decision was taken by the fund's authorized corporate director to protect investors, while the company's immediate priority will be to raise cash levels in a "controlled manner."

Since the end of November 2019, the company sold £70.4 million of assets and an additional £67.2 million is under offer or in solicitors' hands.

M&G Investments temporarily suspended dealing in the shares of M&G Property Portfolio in early December 2019, citing Brexit-related uncertainty and ongoing structural shifts in the British retail sector. As of Nov. 30, 2019, the fund had £2.5 billion in AUM, with a cash position of 4.8%.

The company added that the fund will be reopened "once cash levels have been sufficiently restored," although it did not specify a date.