June 16, 2020 / 10:09 AM / 19 days ago

BRIEF-M&G continues supension of UK property funds

June 16 (Reuters) - M&G PLC:

* M&G CONTINUES TEMPORARY SUSPENSION OF PROPERTY PORTFOLIO

* T HE FUND’S STANDING INDEPENDENT VALUER - KNIGHT FRANK - WILL CONTINUE TO APPLY A STATEMENT OF MATERIAL UNCERTAINTY TO ITS VALUATION DUE TO REDUCED TRANSACTIONAL EVIDENCE

* KNIGHT FRANK HAVE ANNOUNCED MATERIAL UNCERTAINTY CLAUSE FOR UK INDUSTRIAL AND LOGISTICS ASSETS WILL BE LIFTED AS OF 12 JUNE

* UK INDUSTRIAL AND LOGISTICS ASSETS ACCOUNT FOR CIRCA 23% OF FUND ‘S ASSETS

* NINE WEEKS AFTER Q1 MARCH RENT COLLECTION, FUND HAS RECEIVED CIRCA 76% OF RENT, WHICH COMPARES TO MORE THAN 90% RECEIVED AT EQUIVALENT POINT IN 2019

* FUND HAS APPROXIMATELY £180.8 MILLION UNDER OFFER FOR SALE

* ASSUMING ALL ASSETS WHICH HAVE EXCHANGED OR ARE UNDER OFFER WERE TO COMPLETE, IT WOULD TAKE CASH POSITION TO 16.1%

* FIONA ROWLEY HAS DECIDED TO LEAVE BUSINESS AFTER MORE THAN 27 YEARS AND JUSTIN UPTON WILL ASSUME FULL RESPONSIBILITY FOR MANAGEMENT Source text for Eikon: Further company coverage:

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