// M&G extends its temporary suspension on shares of its M&G Property Portfolio fund
// The decision was taken by the fund’s authorised corporate director (ACD)
// The Financial Conduct Authority has been informed
Investment firm M&G has confirmed it will continue the temporary suspension of its £2.5 billion property portfolio fund “until further notice”.
The company said the decision was taken by the fund’s authorised corporate director (ACD) in the interest of protecting its investors.
The Financial Conduct Authority has also been informed.
READ MORE: Shopping centre owner M&G suspends £2.5bn shares
M&G is required to review the status of the fund each month, and said in an update: “M&G is to continue the temporary suspension of dealing in the M&G Property Portfolio and its feeder fund until further notice.”
The firm is also continuing to dispose assets within the fund, including a retail park in Edmonton.
Meanwhile, Ravenside Retail Park has been sold for £51.4 million to an unnamed buyer.
“The immediate priority is to raise cash levels in a controlled manner,” M&G said.
“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 added that clients and customers “will be notified in advance” if the fund reopens.
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