M&G extends property suspension as it waives fees on excess cash

Cash level raised to 21%

M&G has maintained the suspension on the M&G Property Portfolio as it continues to "balance the objective of raising cash levels with the need to protect the interests of all our investors".

Now entering its 14th month of suspension, the managers have sold a further two assets in January, raising the cash level of the fund to 21% from its 4.8% level in December 2019. RICS gives all clear for property sector but £5bn of investor capital remains in lockup As a result of this, M&G has announced it will not charge fees on any cash holding in excess of 20% while the fund is in suspension. In addition to the £39.4m of assets sold since 22 December 2020, a further £134.5m are under offer, which would raised the cash position of the fund to 27.5%, if all deals complete. Ove...