M&G property fund remains suspended as asset sale goes on
The asset manager is completing disposals
M&G’s £2.5bn property portfolio will remain suspended as it continues selling properties to boost its cash position.
The company suspended the fund last month blaming “Brexit-related political uncertainty” and difficulties in the retail sector for the situation.
It has sold £70.4m of assets with a further £172.2m under offer or in the legal process.
“Since suspending the fund, we’ve been encouraged by the support of many investors in the fund, who understand our decision to give the managers room and time to complete disposals from the portfolio at fair prices,” said Jack Daniels, chief investment officer at M&G.
“While customers want ready access to their investments, it’s also important that their long-term interests are protected.”