M&G Investments is to resume dealing in its Property Portfolio on November 4 and said it had sold or received offers for 58 properties owned by the fund.
M&G, like other firms including Standard Life Investments, temporarily prevented investors making redemptions from its property fund following the increased volatility of commercial property after the UK voted to leave the EU.
William Nott, chief executive of M&G Securities, said that suspending the fund “wasn’t a decision we took lightly but we felt it was the only way to protect the interests of investors” following the unexpected referendum result.
He added that the suspension created an environment more akin to normal conditions, allowing the firm to choose the most appropriate assets to sell to preserve the integrity and future of the fund.
The 58 properties owned by the fund that had either been sold, had contracts exchanged, or come under offer, totalled £718 million (€804 million).
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