January 28, 2020 / 10:20 AM / 21 days ago

M&G maintains halt on $3.3 billion property fund

(Reuters) - Insurer and asset manager M&G (MNG.L) said on Tuesday its 2.5 billion pound ($3.29 billion) property fund will remain suspended as it looks at ways to raise cash to meet redemptions.

M&G said in December it was freezing the M&G Property Portfolio after Brexit uncertainty and a slowdown in the retail sector led to a jump in investor requests to cash out.

M&G said in a statement that there was no change to real estate sold or contracts exchanged since the end of December last year.

Reporting by Muvija M in Bengaluru; Editing by Saumyadeb Chakrabarty

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