M&G keeps UK property fund frozen after 6-month suspension

London

INSURER and asset manager M&G is keeping its US$3.2 billion UK property portfolio suspended following a six-month freeze, as it could not assess the value of its real estate assets accurately due to the coronavirus crisis, it said on Tuesday.

Last December, the British company stopped investors from getting their money out of the fund - normally possible daily - saying uncertainty over Brexit and weakness in Britain's retail commercial property sector had prompted redemption requests.