M&G to continue suspension of its £2.5bn property fund

M&G to continue suspension of its £2.5bn property fund

M&G Investments (M&G) has confirmed that it will continue the temporary suspension of dealing in its £2.5 billion M&G Property Portfolio (the Fund) and its feeder fund ‘until further notice.’

M&G said the decision had been taken in the interests of protecting the Fund’s investors with the agreement of the Fund’s Depositary.

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”The immediate priority is to raise cash levels in a controlled manner,” said in the statement.

”The fund managers and associated teams are working hard to increase the Fund’s cash position and since the end of November, they have exchanged or completed on £70.4 million of assets and a further £67.2 million is either under offer or in solicitors’ hands. Once cash levels have been sufficiently restored, the Fund’s ACD will re-open the Fund for dealing.”

M&G said since the end of November it had completed the sale of Ravenside retail park in Edmonton, for £51.4 million and 20 Kingston Road, Staines for £19 million.

The Fund’s assets under management as at 30 November 2019 is £2.5 billion, with a cash position of 4.8%.