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M&G lifts UK property funds suspension

Reuters - UK Focus

LONDON, Oct (Shenzhen: 000069.SZ - news) 21 (Reuters) - M&G Investments, a unit of insurer Prudential (HKSE: 2378.HK - news) , will lift the suspension of its M&G (Shanghai: 603899.SS - news) Property Portfolio and feeder funds from midday on Nov. 4, the firm said in a statement on Friday.

M&G was one of seven fund managers to put a temporary freeze on trading in UK commercial property funds, as retail investors fled in the aftermath of Britain's vote to leave the European Union.

Most of the funds have since reopened.

M&G said 58 properties have been sold, exchanged or put under offer for a total 718 million pounds ($877.83 million).

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M&G froze the funds on July 5.

It also said on Friday it removed a fair value adjustment applied on July 1. Many funds, including those that remained open, applied fair value discounts following the Brexit vote. ($1 = 0.8179 pounds) (Reporting by Carolyn Cohn, editing by Maiya Keidan)