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M&G suspends trading in M&G Property Portfolio due to Brexit uncertainty

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M&G Investments has temporarily suspended trading in the shares of the M&G Property Portfolio and its feeder fund. The move follows a decision on Tuesday by Standard Life to suspend dealing in its UK Real Estate fund.

Investor redemptions in the fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum.
 
Redemptions have now reached a point where M&G believes it can best protect the interests of the funds’ shareholders by seeking a temporary suspension in trading.
 
This will allow the fund manager time to raise cash levels in a controlled manner, ensuring that any asset disposals are achieved at reasonable values.
 
The decision to suspend was taken in agreement with the fund’s depositary and the Financial Conduct Authority has been informed. Orders placed after 12pm on 4 July 2016 will not be processed until the suspension is lifted. M&G will review the suspension every 28 days.
 
The Property Portfolio is a broadly diversified fund which invests in 178 UK commercial properties across retail, industrial and office sectors on behalf of UK retail investors. The fund, which managed assets of GBP4.4 billion as at 30 June 2016, has no borrowings.  

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