Property fund M&G has banned all withdrawals, blaming Brexit and the retail downturn for the decision.
M&G, which counts Fremlin Walk in Maidstone among its biggest holdings, said the move to suspend its £2.5bn property portfolio came following “unusually high” demand from investors for their money back, prompted by “Brexit-related political uncertainty and ongoing structural shifts in the UK retail sector”.
Approximately £1bn has been withdrawn by M&G investors over the past year. The company admitted it had been unable to sell property fast enough to fund the withdrawals.
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